California Code of Regulations › Title 25 - Housing and Community Development › Division 1 - Housing and Community Development › Chapter 7 - Department of Housing and Community Development Programs › Subchapter 6.5 - California Self-Help Housing Program › Article 4 - Mortgage Assistance: General Provisions › Section 7564 - Mortgage Assistance Standard Agreement

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) A grantee under this Article shall
					 execute a Mortgage Assistance Standard Agreement (MASA) with the
					 Department.
(b) The MASA shall
					 contain the following terms and conditions:
(1) Where funds committed under the MASA are
					 to be used for development assistance pursuant to Article 6 prior to allocation
					 as mortgage assistance to eligible households, the MASA shall contain the terms
					 and conditions set forth in Section 7584.
(2) The grantee shall indicate the estimated
					 income levels of the households that will receive mortgage assistance and such
					 information shall be consistent with the information provided in the approved
					 application, pursuant to Section 7542(c)(3).
(3) Prior to fund disbursement to eligible
					 households, the grantee shall identify each eligible household which will
					 occupy an assisted unit and the amount of mortgage assistance funds for each
					 household.
(4) On or before the
					 sale or conveyance of a newly constructed assisted unit to an eligible
					 household, or on or before the Department's disbursement of funds for an
					 assisted unit to be rehabilitated, the grantee shall ensure that the eligible
					 household which will own and/or occupy the assisted unit executes the Deferred
					 Payment Loan agreement and related documents pursuant to Article 5.
(5) Conditions for the disbursement of
					 mortgage assistance funds to, or on behalf of, eligible households, including
					 the allocation to eligible households of funds which have been used for
					 development assistance shall be specified in the MASA.
(6) For the duration of the MASA, the grantee
					 shall not sell or convey the project, or any portion thereof or interest
					 therein, except as specifically provided in the Agreement.
(7) In the event of a breach of any of its
					 conditions or covenants by the grantee or its successors in interest, the
					 Department shall have the option to enforce the Agreement by any proceeding at
					 law or in equity. The Department may, at its option, require the grantee or its
					 successor in interest to repay immediately to the State the total amount of the
					 loan then due with simple interest at 10% per annum.
(8) A requirement that the grantee submit a
					 performance report to the Department for each stage of the project. Each report
					 shall describe the progress of the project, and shall include the estimated
					 time to completion and a detailed itemized breakdown of grant and other
					 expenditures. The Department shall have the right, without charges or royalty,
					 to publish and distribute all reports, data, memoranda, bulletins or manuals
					 developed or written by the grantee or its offices, employees or agents in its
					 implementation of the project.
(9)
					 A provision that all books, records, documents and files of the grantee which
					 are maintained for the project shall be available upon notice for inspection by
					 the Department and its representatives.