Section 300.2 - Eligibility Criteria for Applicants in Campaigns or Expeditions Before and After January 1, 1977(a) Applicants who have served on active duty at some time prior to January 1, 1977, and who have been released from active military service less than 30 years from the receipt or postmark of the application, shall be eligible for consideration for a loan funded by general obligation bonds.(b) Applicants whose service is after January 1, 1977, or who were discharged from military service longer than 30 years from the receipt or postmark of the application, shall be required to qualify for revenue bond funding only.(c) Applicants who qualify for both general obligation and revenue bond funding shall be required to accept revenue bond funding.(d) In order to qualify for a loan funded by revenue bonds, the applicant shall be required to satisfy the following additional criteria:(1) The applicant shall be a first-time home buyer as defined in 26 U.S.C.A. Section 143(d), or shall be purchasing a residence in a targeted area as defined in 26 U.S.C.A. Section 143(j).(2) The property shall have a purchase price which is within the average area purchase price "safe harbor" limitations as defined in 26 U.S.C.A. Section 143(e)(2).(3) The applicant shall have an income which satisfies the federal income limitation for revenue bond funding as defined in 26 U.S.C.A. Section 143(f).Cal. Code Regs. Tit. 12, § 300.2
1. New section filed 12-9-91; operative 1-8-92 (Register 92, No. 9). Note: Authority cited: Section 700, Military and Veterans Code. Reference: Title 26, United States Code Annotated, Section 143 and Sections 980, 987.52, 987.56, 987.57 and 987.64, Military and Veterans Code.
1. New section filed 12-9-91; operative 1-8-92 (Register 92, No. 9).