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 5190 - Readiness

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
In its Application, the Project Sponsor shall demonstrate
					 its readiness to use the Allocation as set forth in this section.
(a) Demonstrated site control. The Applicant
				  shall provide evidence that the Project site is at the time of Application
				  submission within the control of the Applicant or Project Sponsor. Applicants
				  shall provide information regarding the current owner of the project property,
				  if other than the Project Sponsor. Except as provided below for reapplications,
				  a current preliminary or final title report, or, for projects that will be
				  located on Native American Trust Lands, a Land Title Status Report from the
				  Bureau of Indian Affairs or an attorney's opinion regarding chain of title and
				  current title status, all of which shall be dated no more than ninety (90) days
				  prior to Application deadline as provided in section
				  5030, shall be submitted with all
				  applications for the purposes of this requirement. A commitment for the title
				  insurance or a title insurance document are not acceptable substitutions for a
				  preliminary title report, final title report, or a title report. The Committee
				  may permit the site control title report of an unsuccessful application to be
				  submitted, only once, in the reapplication cycle immediately following the
				  unsuccessful application.
(1) Site control
				  may be evidenced by any of the following:
(A)
				  The Applicant or Project Sponsor holds fee title as evidenced by the current
				  (within 90 days prior to the Application date) preliminary or final title
				  report;
(B) An executed lease
				  agreement or lease option for the length of time the Project will be regulated
				  under this program between the Applicant or Project Sponsor and the owner of
				  the subject property;
(C) An
				  executed disposition and development agreement for the length of time the
				  Project will be regulated under this program between the Project Sponsor and a
				  public agency; or
(D) A valid,
				  current, and enforceable contingent purchase and sale agreement or option
				  agreement between the Project Sponsor and the owner of the subject property.
				  Evidence must be provided at the time of the application that all extensions
				  and other conditions necessary to keep the agreement current through the
				  application filing deadline have been executed.
(E) Valid, current and enforceable purchase
				  and sale agreements, contingent purchase sale or option agreements in
				  combination between the Project Sponsor, a third party and the owner of the
				  subject property such that the Committee can determine that upon a grant of
				  Allocation the Project Sponsor has a right to acquire the subject
				  property.
(F) The Executive
				  Director may determine that site control has been demonstrated where a local
				  agency has documented its intention to acquire the site, or portion of the
				  site, through eminent domain proceedings as evidenced by order(s) of
				  possession.