Section 7303 - Eligible Sponsor(a) A Sponsor shall be any individual, joint venture, partnership, limited partnership, trust, corporation, limited liability corporation, local public entity, duly constituted governing body of an Indian reservation or rancheria, or other legal entity, or any combination thereof which meets the requirements of subsection (c), below.(b) A Sponsor shall be organized on a for-profit, including limited profit, or nonprofit basis.(c) In order to be eligible for funding, a Sponsor must demonstrate experience relevant to owning and developing affordable rental housing through one or more of the following: (1) successful prior ownership and development of affordable rental housing;(2) employment of a staff with demonstrated experience owning and developing affordable rental housing.(d) Where 70% or more of the Units are reserved for Special Needs Populations, the Sponsor may qualify for development or ownership experience required by subsection (c)(1), above, by demonstrating that the Sponsor has experience owning and developing affordable rental housing or operating and developing affordable rental housing through the following: (1) the Sponsor may qualify for development experience by contracting with a developer or development consultant for the provision of comprehensive development management services, provided that the Sponsor and the contractor have entered into an agreement acceptable to the Department making the contractor responsible for financial packaging, selection of other consultants, selecting the general construction contractor and property management agent, oversight of architectural design, construction management, and other major aspects of the development process; and(2) the Sponsor may qualify for ownership experience if the role and responsibility of the Sponsor in the Projects submitted for such experience is commensurate with the ownership role and responsibilities in the proposed Project.(e) If the Sponsor is a joint venture, and qualifies as an eligible Sponsor under the preceding subsections based on the experience of only one joint venture partner, that partner must have a controlling interest in the joint venture and a substantial and continued role in the Project's ongoing operations, as evidenced in the documents governing the joint venture.Cal. Code Regs. Tit. 25, § 7303
1. New section filed 1-8-2002; operative 1-8-2002 pursuant to Government Code section 11343.4 (Register 2002, No. 2).
2. Amendment filed 9-29-2003; operative 9-29-2003 pursuant to Government Code section 11343.4 (Register 2003, No. 40). Note: Authority cited: Sections 50406(n), 50675.1(c) and 50675.11, Health and Safety Code. Reference: Sections 50675.6 and 50675.7(c)(3), Health and Safety Code.
1. New section filed 1-8-2002; operative 1-8-2002 pursuant to Government Code section 11343.4 (Register 2002, No. 2).
2. Amendment filed 9-29-2003; operative 9-29-2003 pursuant to Government Code section 11343.4 (Register 2003, No. 40).