Section 7153 - Eligible Use of Funds(a) Funds shall be used by the Grantee to provide loans for payment of predevelopment expenses, acquisition, construction, or rehabilitation of Eligible Projects.(b) At least 30 percent of the total amount of the Program Funds and the Matching Funds shall be expended on Eligible Projects that are affordable to, and restricted for, Extremely Low Income households. No more than 20 percent of the total amount of the Program Funds and the Matching Funds shall be expended on Eligible Projects affordable to, and restricted for, Moderate Income Persons and Families. The remaining Program Funds and Matching Funds shall be used for Eligible Projects that are affordable to and restricted for, Lower Income Households.(c) No Program Funds shall be used for the costs of administering the Local Housing Trust Fund.Cal. Code Regs. Tit. 25, § 7153
1. New section filed 12-5-2008; operative 12-5-2008 pursuant to Government Code section 11343.4 (Register 2008, No. 49). Note: Authority cited: Section 50406(n), Health and Safety Code. Reference: Sections 50843.5 and 53545.9(c), Health and Safety Code.
1. New section filed 12-5-2008; operative 12-5-2008 pursuant to Government Code section 11343.4 (Register 2008, No. 49).