California Code of Regulations › Title 4 - Business Regulations › Division 9.5 - California Debt Limit Allocation Committee › Chapter 1 - General Provisions › Article 5 - Performance Deposits and Fees › Section 5052 - Forfeiture of Performance Deposit

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) For
				  Projects receiving an allocation award on or after March 16, 2016, an extension
				  of the expiration date for Qualified Residential Rental Bonds granted pursuant
				  to Section 5101 or
				  5132 will result in forfeiture of
				  the Project's performance deposit to the extent that the performance deposit
				  has not previously been forfeited.
(b) If less than 80% of the Allocation is
				  used to issue Bonds, a pro-rata portion of the deposit will be forfeited equal
				  to the same percentage ratio as the amount of unused Allocation bears to the
				  amount of awarded Allocation. If at least one (1) Mortgage Credit Certificate
				  is not issued prior to the applicable expiration date, the entire performance
				  deposit will be forfeited. If 80% or more of the Allocation is used to issue
				  bonds prior to the expiration date, or at least one (1) Mortgage Credit
				  Certificate is issued prior to the applicable expiration date, a full refund of
				  the performance deposit will be authorized.
(c) Applicants bear the risk of forfeiting
				  all or part of their performance deposit if the Allocation is not used in
				  accordance with the conditions and/or timeframes set forth in the Committee
				  Resolution.
(d) The Applicant shall
				  remit all forfeited performance deposits to the Committee within thirty (30)
				  days of receipt of an invoice issued by the Committee.
(e) An Applicant may request waiver of a
				  performance deposit forfeiture by submitting a written request to the Executive
				  Director within 30 days of the date of the Committee's Forfeiture Fee Invoice.
				  The Committee shall grant a forfeiture extension upon a showing that the
				  request aligns with an extended allocation and waiver upon showing the
				  circumstances prompting the forfeiture were unforeseen and entirely beyond the
				  control of the Project's sponsor and development team. The granting of a waiver
				  pursuant to this subsection will not preclude performance deposit forfeiture
				  for subsequent extensions of the expiration date for Qualified Residential
				  Rental Bonds granted pursuant to Section
				  5101 or
				  5132.
1. New
					 section filed 7-12-2010 as an emergency pursuant to Government Code section
					 8869.94;
					 operative 7-12-2010 (Register 2010, No. 29). A Certificate of Compliance must
					 be transmitted to OAL by 1-10-2011 or emergency language will be repealed by
					 operation of law on the following day.
2. New section refiled
					 1-6-2011 as an emergency pursuant to Government Code section
					 8869.94;
					 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 pursuant to Government Code section
					 8869.94;
					 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 new section heading, repealer and new section
					 and amendment of NOTE, transmitted to OAL 6-2-2011 and filed 7-1-2011 (Register
					 2011, No. 26).
5. Amendment of subsection (a) and repealer of
					 subsection (b) filed 2-3-2012 as an emergency; operative 2-3-2012 (Register
					 2012, No. 5). A Certificate of Compliance must be transmitted to OAL by
					 8-1-2012 or emergency language will be repealed by operation of law on the
					 following day.
6. Amendment of subsection (a) and repealer of
					 subsection (b) refiled 8-1-2012 as an emergency, including relettering of
					 subsections; operative 8-1-2012 (Register 2012, No. 31). A Certificate of
					 Compliance must be transmitted to OAL by 10-30-2012 or emergency language will
					 be repealed by operation of law on the following day.
7. Amendment
					 of subsection (a) and repealer of subsection (b) refiled 10-30-2012 as an
					 emergency; operative 10-30-2012 (Register 2012, No. 44). A Certificate of
					 Compliance must be transmitted to OAL by 1-28-2013 or emergency language will
					 be repealed by operation of law on the following day.
8. Certificate
					 of Compliance as to 10-30-2012 order transmitted to OAL 1-28-2013 and filed
					 3-12-2013 (Register 2013, No. 11).
9. New subsections (a) and (e),
					 subsection relettering and amendment of newly designated subsection (b) 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.
10. Amendment of subsection
					 (b) filed 2-4-2016 as an emergency pursuant to Government Code section
					 8869.94;
					 operative 2-4-2016 (Register 2016, No. 6). A Certificate of Compliance must be
					 transmitted to OAL by 8-2-2016 or emergency language will be repealed by
					 operation of law on the following day.
11. Certificate of Compliance
					 as to 11-9-2015 order transmitted to OAL 1-27-2016 and filed 3-10-2016
					 (Register 2016, No. 11).
12. Editorial correction of HISTORY 11
					 (Register 2016, No. 25).
13. Certificate of Compliance as to
					 2-4-2016 order transmitted to OAL 5-4-2016 and filed 6-14-2016 (Register 2016,
					 No. 25).
14. New subsection (f) filed 5-22-2020 as an emergency
					 pursuant to Government Code section
					 8869.94;
					 operative 5-22-2020 (Register 2020, No. 21). A Certificate of Compliance must
					 be transmitted to OAL by 11-18-2020 or emergency language will be repealed by
					 operation of law on the following day.
15. Emergency filed 5-22-2020
					 extended 60 days pursuant to Executive Order N-40-20 and an additional 60 days
					 pursuant to Executive Order N-66-20 (Register 2020, No. 21). A Certificate of
					 Compliance must be transmitted to OAL by 3-22-2021 or emergency language will
					 be repealed by operation of law on the following day.
16. Editorial
					 correction of HISTORY 14 and HISTORY 15 (Register 2020, No. 44).
17.
					 Amendment of subsection (e) 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.
18. Repealer of 5-22-2020 emergency amendments by operation of
					 Government Code section
					 11346.1(f)
					 (Register 2021, No. 17).
19. Refiling of 5-22-2020 and 2-1-2021
					 orders, including new subsection (f), 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.
20. Certificate of Compliance
					 as to 12-3-2021 order transmitted to OAL 4-11-2022 and filed 5-23-2022
					 (Register 2022, No. 21).
21. Repealer of subsection (f) filed
					 8-1-2022 as an emergency; operative 8-1-2022 (Register 2022, No. 31). A
					 Certificate of Compliance must be transmitted to OAL by 1-30-2023 or emergency
					 language will be repealed by operation of law on the following
					 day.
22. Repealer of subsection (f) refiled 2-9-2023 as an
					 emergency; operative 2-9-2023 (Register 2023, No. 6). A Certificate of
					 Compliance must be transmitted to OAL by 5-10-2023 or emergency language will
					 be repealed by operation of law on the following day.
23.
					 Certificate of Compliance as to 2-9-2023 order transmitted to OAL 4-18-2023 and
					 filed 5-31-2023 (Register 2023, No. 22).
Note: Authority cited: Section
						8869.94,
						Government Code. Reference: Sections
						8869.84(c),
						8869.84(e)
						and
						8869.86(c)(3),
						Government Code.