Cal. Code Regs. tit. 25 § 8097

Current through Register 2024 Notice Reg. No. 50, December 13, 2024

Section 8097 - Disbursement of Loan Funds

(a) The sponsor shall request funds from the department for actual expenditures in accordance with the schedule and the authorized amounts in the approved project budget in the Development Agreement. The information on any request for funds shall be subject to verification by the department. Requests shall be made on form HCD 810, "Request for Funds," 12/89, as set forth in subsection (b). This form is provided by the department.

(b) Text of form HCD 810, "Request for Funds," dated 12/89:

HCD 810, 12/89

RENTAL HOUSING CONSTRUCTION PROGRAM REQUEST FOR FUNDS #

1. BORROWER (Payee): ________________________________________

2. ADDRESS: _______________________________________________________

3. CONTRACT NUMBER: ________________________________________

	APPROVED LOAN AMOUNT	AMOUNT PER THIS REQUEST	PREVIOUSLY APPROVED	TOTAL AMOUNT BALANCE
	$___________________________	$___________________________	$___________________________	$___________________________

5. USE OF FUNDS REQUESTED: (Specify line items per Development Agreement Budget.)

$ ___________________________________________________________________________

6. DRAW CHECK IN TOTAL AMOUNT OF: $ _________________________

7. SEND CHECK TO:	Department of Housing and Community Development
	Accounting Office
	P.O. Box 952050
	Sacramento, CA 94252-2050

8. CERTIFICATION: I, the undersigned, do hereby certify that (1) the funds requested above will be used only in accordance with the above numbered State Standard Agreement and the Development Agreement entered into pursuant to this Standard Agreement, and only for eligible costs, as specified in the RHCP regulations; and (2) the Borrower and the project are in full compliance with the Standard Agreement, the Development Agreement, and all other agreements by and between the Borrower and the Department of Housing and Community Development entered into pursuant to the Standard Agreement.

Signed:___________________________
Title: ___________________________	Date: ______________________________

DO NOT WRITE BELOW THIS LINE

The work performed for which this request for disbursement is presented is in accordance with all provisions of Contract Number ____________________ between _________________________ and the Department of Housing and Community Development, and is hereby approved for payment.

Program Manager: __________________________________________________ Date: ______________________________

(c) Prior to the disbursement of funds, the sponsor shall provide or execute all required documents which the department determines are necessary to verify the claimed expenditure.

(d) The department may enter into agreements with other lenders or public or private entities to disburse funds and monitor construction and may make direct payments to such third party contractors on behalf of sponsors.

(e)

(1) If a sponsor is a nonprofit corporation or a government entity, the department may disburse an initial advance payment subject to the following conditions:

(A) any required documents are executed by the sponsor;

(B) the sponsor is in compliance with all applicable conditions for the advance of funds;

(C) the sponsor submits a "Request for Funds"; and

(D) the sponsor certifies that it does not have adequate funds to commence the project.

(2) The advance payment shall not exceed 25 percent of the approved administrative costs.

(3) All disbursements subject to the initial advance shall be made only to pay for actual eligible costs incurred.

Cal. Code Regs. Tit. 25, § 8097

1. New section filed 12-29-89 as an emergency; operative 12-29-89 (Register 90, No. 3). A Certificate of Compliance must be transmitted to OAL within 120 days or emergency language will be repealed by operation of law on 4-30-90.
2. New section refiled 4-26-90 as an emergency; operative 4-26-90 (Register 90, No. 23). A Certificate of Compliance must be transmitted to OAL within 120 days or emergency language will be repealed by operation of law on 8-24-90.
3. New section refiled 8-27-90 as an emergency; operative 8-27-90 (Register 90, No. 42). A Certificate of Compliance must be transmitted to OAL by 12-26-90 or emergency language will be repealed by operation of law on the following day.
4. New section refiled 12-19-90 as an emergency pursuant to Health and Safety Code section 50771.3; operative 12-19-90 (Register 91, No. 4). A Certificate of Compliance must be transmitted to OAL by 4-18-91 or emergency language will be repealed by operation of law on the following day.
5. Certificate of Compliance as to 12-19-90 order transmitted to OAL 1-4-91; disapproved by OAL 2-4-91 (Register 91, No. 13).
6. New section refiled 2-20-91 as an emergency; operative 2-20-91 (Register 91, No. 13). A Certificate of Compliance must be transmitted to OAL by 6-17-91 or emergency language will be repealed by operation of law on the following day.
7. Certificate of Compliance as to 6-14-91 order including amendment of subsections (a) and (b) transmitted to OAL 5-15-91 and filed 6-14-91 (Register 91, No. 38).

Note: Authority cited: Section 50771.1, Health and Safety Code. Reference: Section 50771.1, Health and Safety Code.