California Code of Regulations › Title 4 - Business Regulations › Division 9.5 - California Debt Limit Allocation Committee › Chapter 1 - General Provisions › Article 11 - Reporting and Compliance Requirements › Section 5145 - Certification of Compliance

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) All
				  QRRP Projects receiving an Allocation prior to December 31, 2016 shall be
				  monitored for compliance with the applicable terms and conditions of the
				  Committee Resolution by the Applicant and CDLAC for the longer of the period
				  the bonds remain outstanding or the period of restriction outlined in Section
				  5192. MCC awards will be monitored
				  until the allocation has been utilized. The Applicant shall annually collect
				  from the Project Sponsor and retain for QRRP projects a Certification of
				  Compliance I as attached to the Committee Resolution.
(b) For all Projects that receive allocation
				  after December 31, 2016 and subject to a Regulatory Period and/or Compliance
				  Period, the Applicant shall collect from the Project Sponsor and retain the
				  applicable QRRP or Non-QRRP Certification of Compliance II as attached in the
				  Committee Resolution or other comparable form outlined in an Applicant's
				  approved Bond Compliance Policies. The QRRP or Non-QRRP Certification of
				  Compliance II will be submitted annually to the Applicant until the Project is
				  completed and then if the project is subject to a Regulatory Period and/or
				  Compliance Period, every three years thereafter or sooner upon a termination of
				  the Regulatory Period and/or Compliance Period. Additionally, Applicants shall
				  collect from the Project Sponsor and retain the applicable QRRP or Non-QRRP
				  Certificate of Completion as provided in the Committee Resolution or other
				  comparable form outlined in an Applicant's approved Bond Compliance Policies.
				  In both instances, the certification must be submitted by the Project Sponsor.
				  The Applicant will then provide confirmation of receipt to the California Debt
				  Limit Allocation Committee no later than March 1 of each applicable year (or at
				  such other time as requested by the Committee) via the online compliance
				  certification system. These requirements shall be enforceable by the Committee
				  through an action for specific performance or other available remedy against
				  the Project Sponsor.
(c) All QRRP
				  Projects that receive Allocation and an award of low income housing tax credits
				  shall be monitored by the Committee or an entity acting on its behalf for
				  compliance with the terms and conditions of the Committee Resolution, and shall
				  be subject to the provisions of section
				  10337 of Title 4 of the California
				  Code of Regulations.
(d) All
				  Non-QRRP Applicants must designate CDLAC, for the life of the bonds, to receive
				  notice of changes in use and circumstances of Bond Default and Qualifying Bond
				  Default.
1. New
					 section 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.
2. New section 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.
3. Repealed by operation of
					 Government Code section
					 11346.1(g)
					 (Register 2017, No. 38).
4. New section filed 10-13-2017; operative
					 10-13-2017 pursuant to Government Code section
					 11343.4(b)(3)
					 (Register 2017, No. 41).
Note: Authority cited: Section
						8869.94,
						Government Code. Reference: Sections
						8869.84(c),
						8869.85(a)
						and
						8869.85(b),
						Government Code.