Subject to the conditions prescribed in this section, grantees may draw funds from the Department in a single lump sum to establish a rehabilitation fund in one or more private financial institutions for the purpose of financing the rehabilitation of privately-owned properties as a part of the grantee's program.

The conditions prescribed for lump sum drawndown accounts are described in 24 CFR 570, Section 570.513.

Note: Authority cited: Sections 50406(h) and 50406(n), Health and Safety Code. Reference: 24 CFR 570.513.

History

1. Amendment filed 2-22-85; effective upon filing pursuant to Government Code Section 11346.2(d) (Register 85, No. 9).

2. New second paragraph, repealer of subsections (a)-(j) and amendment of Note filed 7-31-96; operative 7-31-96 pursuant to Government Code section 11343.4(d) (Register 96, No. 31).