Section 50426 - Property Used to Purchase a Principal Residence(a) The proceeds from the sale of real property retained by an applicant or beneficiary who does not own a suitable principal residence or who wishes to sell the current principal residence and purchase a new principal residence shall be exempt for a period of six months from the date of receipt of the proceeds so long as the proceeds from the sale of the real property are intended to be used to purchase a principal residence. Such proceeds may also be applied to the costs of moving, necessary furnishings, and repair or alteration to the principal residence.(b) If a portion of the proceeds specified in (a) is diverted to some other purpose, the status of the remainder is not affected provided such remainder is being retained to apply toward the purchase of a principal residence.Cal. Code Regs. Tit. 22, § 50426
1. Amendment filed 12-15-77; effective thirtieth day thereafter (Register 77, No. 51).
2. Amendment filed 12-2-85 as an emergency; effective upon filing (Register 85, No. 50). A Certificate of Compliance must be transmitted to OAL within 120 days or emergency language will be repealed on 4-1-86.
3. Certificate of Compliance transmitted to OAL 3-31-86 and filed 4-30-86 (Register 86, No. 18). Note: Authority cited: Sections 10725, 14006.1 and 14124.5, Welfare and Institutions Code. Reference: Section 14006, Welfare and Institutions Code.
1. Amendment filed 12-15-77; effective thirtieth day thereafter (Register 77, No. 51).
2. Amendment filed 12-2-85 as an emergency; effective upon filing (Register 85, No. 50). A Certificate of Compliance must be transmitted to OAL within 120 days or emergency language will be repealed on 4-1-86.
3. Certificate of Compliance transmitted to OAL 3-31-86 and filed 4-30-86 (Register 86, No. 18).