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 5051 - Release of Performance Deposit

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) The
				  written authorization releasing a performance deposit or refund of deposits
				  paid to the Committee will occur upon the Committee's receipt of a properly
				  completed Report of Action Taken that is appropriate to the transaction type as
				  required in section
				  5142, all filing fees as required
				  in section 5054, and a digital copy of the
				  conformed, recorded Bond Regulatory Agreement. The Committee Resolution shall
				  provide the timeframe for using the Allocation and filing the required Report
				  of Action Taken.
(b) In the case of
				  a Qualified Residential Rental Project that also requests an allocation of
				  state credit reserved for tax-exempt projects from the California Tax Credit
				  Allocation Committee (CTCAC), the full release or refund of a performance
				  deposit will be authorized if the Project Sponsor is able to demonstrate that
				  the failure to use Allocation is solely due to the failure to receive an
				  allocation of state tax credit.
(c)
				  In the case of Mortgage Credit Certificates, the full release or refund of a
				  deposit will not be authorized unless the Allocation has been converted to
				  Mortgage Credit Certificate authority by the date specified in the Committee
				  Resolution.
(d) Nothing in this
				  section shall be construed to address the forfeiture of deposit relative to
				  utilization of carryforward Allocations pursuant to section
				  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					 be transmitted to OAL by 1-10-2011 or emergency language will be repealed by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					 transmitted to OAL by 4-6-2011 or emergency language will be repealed by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, amendment of subsection
					 (a) and amendment of NOTE, transmitted to OAL 6-2-2011 and filed 7-1-2011
					 (Register 2011, No. 26).
5. Amendment of subsection (a) 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.
6. Amendment of subsection
					 (a) 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.
7. 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).
8. Amendment of subsection (a) 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),
						8869.84(e)
						and
						8869.90,
						Government Code.