California Code of Regulations › Title 4 - Business Regulations › Division 9.5 - California Debt Limit Allocation Committee › Chapter 2 - Qualified Residential Rental Projects › Article 3 - Minimum Requirements › Section 5192 - Minimum Term of Restrictions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  Income and rent restrictions as identified in the Committee Resolution for the
				  total number of units must be maintained for the Qualified Project Period.
				  Except as provided in subdivision (b), the Qualified Project Period shall be
				  fifty-five (55) years following the date on which fifty percent (50%) occupancy
				  is achieved or otherwise commencement of the Qualified Project Period. Projects
				  located on Native American Lands shall have a term of restriction of 50 years
				  from the property lease effective date.
(b) If a Project is intended for eventual
				  tenant homeownership, the applicant shall provide evidence of a financially
				  feasible program in the Application. The program shall include, but is not
				  limited to, an exit strategy, home ownership counseling, funds to be set aside
				  to assist tenants in the purchase of units, no involuntary relocation of
				  tenants, and a plan for conversion of the facility to home ownership no sooner
				  than the end of the initial 15-year Qualified Project Period as required by
				  26 U.S.C. section
				  142(d)(2)(A). In such a
				  case, the regulatory agreement shall contain provisions for the enforcement of
				  such covenants.
1. New
					 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					 emergency language will be repealed by operation of law on the following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 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					 transmitted to OAL by 4-6-2011 or emergency language will be repealed by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 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					 language will be repealed by operation of law on the following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 subsection (b) and repealer and new subsection (c), transmitted to
					 OAL 6-2-2011 and filed 7-1-2011 (Register 2011, No. 26).
5.
					 Amendment of subsection (c) 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, including nonsubstantive amendment of section,
					 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 subsection (a), new subsections
					 (a)(3)-(a)(3)(B) and amendment of subsection (c) 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. Editorial correction of
					 subsection (b) (Register 2017, No. 22).
10. Amendment of subsection
					 (a), new subsections (a)(3)-(a)(3)(B) and amendment of subsection (c) 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.
11. 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).
12. Amendment of subsection (a), new
					 subsections (a)(3)-(a)(3)(B) and amendment of subsection (c) filed 10-13-2017;
					 operative 10-13-2017 pursuant to Government Code section
					 11343.4(b)(3)
					 (Register 2017, No. 41).
13. Amendment of subsections (a) and (b),
					 and repealer of subsection (c) filed 2-1-2021 as an emergency pursuant to
					 Governmental Code section
					 8869.94;
					 operative 2-1-2021. Emergency expiration extended 60 days (Executive Order
					 N-40-20) plus an additional 60 days (Executive Order N-71-20) (Register 2021,
					 No. 6). A Certificate of Compliance must be transmitted to OAL by 11-30-2021 or
					 emergency language will be repealed by operation of law on the following
					 day.
14. Refiling of 2-1-2021 order on 12-3-2021 as an emergency;
					 operative 12-3-2021 (Register 2021, No. 49). A Certificate of Compliance must
					 be transmitted to OAL by 3-3-2022 or emergency language will be repealed by
					 operation of law on the following day.
15. Certificate of Compliance
					 as to 12-3-2021 order transmitted to OAL 4-11-2022 and filed 5-23-2022
					 (Register 2022, No. 21).
Note: Authority cited: Section
						8869.94, Government Code.
						Reference: Sections
						8869.84(c),
						8869.85(a)
						and
						8869.85(b),
						Government Code.