California Code of Regulations › Title 4 - Business Regulations › Division 9.5 - California Debt Limit Allocation Committee › Chapter 3 - Single Family Housing › Article 1 - Definitions › Section 5260 - Definitions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
In addition to the definitions set forth in Government Code
					 section
					 8869.82
					 and unless otherwise required by the context, the following terms as used in
					 this chapter are defined as follows:
"Applicable Median Family Income" means the applicable
					 median family income defined by
					 26 U.S.C. section
					 143(f)(4), except that the
					 definition of income contained in subdivision B of
					 26 U.S.C. section
					 143(f)(4) shall not apply to
					 Applicants for a Single Family Housing Program.
"Fair Share Allocation Amount" means the amount of
					 Allocation each Local Issuer shall receive pursuant to the Fair Share Basis
					 definition.
"Fair Share Basis" means that each county shall receive a
					 proportionate share of the amount reserved for Local Issuers based on the
					 population of the county relative to the State's total population. Populations
					 will be based on data published by the California State Department of Finance
					 Demographics Unit. Where there is more than one Local Issuer in a county, each
					 Local Issuer shall receive a proportionate share of the county's reservation
					 based on the population of the jurisdictions served by an Issuer relative to
					 the county's total population, or as agreed upon by the participating Local
					 Issuers.
"Homeownership Assistance" means financial assistance,
					 including down-payment assistance, closing cost assistance, soft-second
					 financing for the purchase of a home, or such alternative homeownership
					 assistance as proposed by the Applicant in the Application and approved by the
					 Committee. The Homeownership Assistance must; one, be in a minimum amount of
					 $7,500 or 3% of the purchase price of the home, whichever is greater; two, be
					 structured in the form of either a grant or a deferred payment loan where the
					 payment of principal and interest is deferred until such time as the home is
					 sold or re-financed; and three, include an incentive, to be proposed by the
					 Applicant, for Program Participants to fully perform the three (3) year service
					 commitment. Applicants will not be required to establish a distinct and
					 separate homeownership program; existing programs may be used. The Committee
					 may delegate to the Chair or to the Executive Director of the Committee the
					 authority to accept and consider homeownership assistance of different types or
					 characteristics than those specifically enumerated or required by this
					 definition. The Committee may establish, or concur with the establishment of,
					 higher assistance limits to ensure program participation in high cost
					 areas.
"MCC Application" means the Application titled "Application
					 for an Allocation of the State Ceiling on Qualified Private Activity Bonds for
					 a Mortgage Credit Certificate Program" (revised 03 15 2018), which is hereby
					 incorporated by reference.
"MRB Application" means the Application titled "Application
					 for an Allocation of the State Ceiling on Qualified Private Activity Bonds for
					 a Single-Family Housing Bond Program" (revised 11 30 2018), which is hereby
					 incorporated by reference.
"Performance Achievement Index" means the percentage of
					 households that participated in a Single Family Housing Program having met the
					 goals set forth in section
					 5266 expressed as a percentage of
					 the minimum goal committed to by the Applicant. For example, if the number of
					 households earning eighty percent (80%) or less of the Applicable Median family
					 Income of the area consisted of only 38% of the participants in a program, then
					 based on a committed goal of 40%, the Performance Achievement Index would equal
					 95% (38% divided by 40%).
"Qualified Census Tract" means any census tract that is
					 designated by the Secretary of Housing and Urban Development pursuant to
					 26 U.S.C. section
					 42(d)(5)(C).
"VHLP Application" means the Application titled
					 "Application for an Allocation of the State Ceiling on Qualified Private
					 Activity Bonds for a Veteran's Home Loan Program" (revised 03 15 2018), which
					 is hereby incorporated by reference.
1. New
					 chapter 3 (articles 1-4, sections
					 5260-5291), article 1 (section
					 5260) and section filed 7-29-2010
					 as an emergency; operative 7-29-2010 (Register 2010, No. 31). A Certificate of
					 Compliance must be transmitted to OAL by 1-25-2011 or emergency language will
					 be repealed by operation of law on the following day.
2. New chapter
					 3 (articles 1-4, sections
					 5260-5291), article 1 (section
					 5260) and section refiled 1-6-2011
					 as an emergency; operative 1-6-2011 (Register 2011, No. 1). A Certificate of
					 Compliance must be transmitted to OAL by 4-6-2011 or emergency language will be
					 repealed by operation of law on the following day.
3. New chapter 3
					 (articles 1-4, sections
					 5260-5291), article 1 (section
					 5260) and section refiled 4-1-2011
					 as an emergency; operative 4-6-2011 (Register 2011, No. 13). A Certificate of
					 Compliance must be transmitted to OAL by 7-5-2011 or emergency language will be
					 repealed by operation of law on the following day.
4. Certificate of
					 Compliance as to 4-1-2011 order, including amendment of section heading and
					 repealer and new section, transmitted to OAL 6-2-2011 and filed 7-1-2011
					 (Register 2011, No. 26).
5. Amendment of definitions of "MCC
					 Application" and "MRB Application" filed 11-9-2015 as an emergency pursuant to
					 Government Code section
					 8869.94;
					 operative 11-9-2015 (Register 2015, No. 46). A Certificate of Compliance must
					 be transmitted to OAL by 5-9-2016 or emergency language will be repealed by
					 operation of law on the following day.
6. Certificate of Compliance
					 as to 11-9-2015 order transmitted to OAL 1-27-2016 and filed 3-10-2016
					 (Register 2016, No. 11).
7. Editorial correction of HISTORY 6
					 (Register 2016, No. 25).
8. Amendment of definitions of "MCC
					 Application." "MRB Application" and "VHLP Application" filed 12-15-2016 as an
					 emergency pursuant to Government Code section
					 8869.94;
					 operative 12-15-2016 (Register 2016, No. 51). A Certificate of Compliance must
					 be transmitted to OAL by 6-13-2017 or emergency language will be repealed by
					 operation of law on the following day.
9. Amendment of definitions
					 of "MCC Application." "MRB Application" and "VHLP Application" refiled
					 5-30-2017 as an emergency pursuant to Government Code section
					 8869.94;
					 operative 6-14-2017 (Register 2017, No. 22). A Certificate of Compliance must
					 be transmitted to OAL by 9-12-2017 or emergency language will be repealed by
					 operation of law on the following day.
10. Reinstatement of section
					 as it existed prior to 12-15-2016 emergency amendment by operation of
					 Government Code section
					 11346.1(f)
					 (Register 2017, No. 38).
11. Amendment of definitions of "MCC
					 Application." "MRB Application" and "VHLP Application" filed 10-13-2017;
					 operative 10-13-2017 pursuant to Government Code section
					 11343.4(b)(3)
					 (Register 2017, No. 41).
12. Change without regulatory effect
					 amending definitions of "MCC Application," "MRB Application" and "VHLP
					 Application" filed 3-13-2018 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2018, No. 11).
13. Change without regulatory
					 effect amending definition of "MRB Application" filed 1-16-2019 pursuant to
					 section 100, title 1, California Code of
					 Regulations (Register 2019, No. 3).
Note: Authority cited: Section
						8869.94,
						Government Code. Reference: Section
						8869.84(c),
						Government Code.