Cal. Code Regs. tit. 25 § 7691

Current through Register 2024 Notice Reg. No. 25, June 21, 2024

Section 7691 - 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 Rehabilitation Loan Agreement. The information on any request for funds shall be subject to verification by the department. Requests shall be made on form HCD 780, "California Housing Rehabilitation Program-Rental Component, Request For Funds," dated 12/89, as set forth in subsection (b). This form is provided by the department.

(b) Text of form HCD 780, "California Housing Rehabilitation Program--Rental Component, Request for Funds," dated 12/89:

HCD 780, 12/89

CALIFORNIA HOUSING REHABILITATION PROGRAM RENTAL COMPONENT REQUEST FOR FUNDS

1. BORROWER (Payee): ___________________________

2. ADDRESS: ___________________________________

3. CONTRACT NUMBER: __________________________

4. DATE: _______________________________________

Approved Loan Amount	Amount Per This Request	Total Amount Previously Approved	Balance
$___________________________ ______	$_____________________	$___________________________	$___________________________

6. USE OF FUNDS REQUESTED:

a. Acquisition/Refinance costs	$___________________________
b. Rehabilitation (Construction) costs	$___________________________
c. Non-Construction Development costs	$___________________________

7. DRAW CHECK IN TOTAL AMOUNT OF: $ _______________

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

9. CERTIFICATION: I, the undersigned, do hereby certify that (1) the funds requested above were or will be used in performance of the above numbered State Contract.

Signed: ____________________________________________________

Title: _______________________________________________________

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) Upon execution of required documents, compliance with all applicable conditions therein, and submittal of the sponsor's request for funds to commence the project, the department may disburse an advance payment to a sponsor which is a nonprofit corporation or government entity for payment of approved administrative costs. In order to qualify for an advance payment, the sponsor must certify that it does not have adequate funds to commence the project. The advance payment shall not exceed 25 percent of the approved administrative costs, and subsequent disbursements shall be made only to reimburse the sponsor for actual eligible costs incurred.

Cal. Code Regs. Tit. 25, § 7691

1. New section filed 6-12-89 as an emergency pursuant to Health and Safety Code section 50668.5(g); operative 6-12-89 (Register 89, No. 24). A Certificate of Compliance must be transmitted to OAL within 120 days or the regulation will be repealed on 10-10-89. For history of former subchapter 8 (sections 7700-7714.5, not consecutive), see Register 85, No. 33.
2. New section refiled 10-6-89 as an emergency pursuant to Health and Safety Code section 50668.5(g) and Government Code section 11346.1(h); operative 10-10-89 (Register 89, No. 42). A Certificate of Compliance must be transmitted to OAL within 120 days or emergency language will be repealed on 2-7-90.
3. New section refiled 2-5-90 as an emergency pursuant to Health and Safety Code section 50668.5(g) and Government Code section 11346.1(h); operative 2-7-90 (Register 90, No. 6). A Certificate of Compliance must be transmitted to OAL within 120 days or emergency language will be repealed on 6-7-90.
4. Amendment of subsections (a)-(c) filed 3-5-90 as an emergency pursuant to Health and Safety Code section 50668.5(g); operative 3-5-90 (Register 90, No. 12). A Certificate of Compliance must be transmitted to OAL within 120 days or emergency language will be repealed on 7-3-90.
5. Certificate of Compliance as to 2-5-90 and 3-5-90 orders including amendment of subsections (a), (b), and (e) transmitted to OAL 5-22-90 and filed 5-29-90 (Register 90, No. 29).

Note: Authority cited: Section 50668.5, Health and Safety Code. Reference: Section 50668.5, Health and Safety Code.