Cal. Code Regs. tit. 25, § 7204
(e) When grant funds are to be used for homeownership purposes, assisted units shall be newly constructed, and are to be made available to lower-income households at a total monthly housing cost not to exceed 35% of monthly net income.
(1) An eligible household's monthly housing costs may exceed 35% of monthly net income if all of the following conditions are satisfied:
Program funds may only be expended for housing developments that meet the following criteria:
Note: Authority cited: Sections 50402 and 50406, Health and Safety Code. Reference: Section 50517.5, Health and Safety Code.
1. Amendment filed 2-10-83; designated effective 3-4-83 pursuant to Government Code Section 11346.2(d) (Register 83, No. 7).
2. Amendment of subsection (a)(3) filed 9-29-2003; operative 9-29-2003 pursuant to Government Code section 11343.4 (Register 2003, No. 40).
3. New article 2 heading and amendment of section heading and section filed 4-2-2008; operative 5-2-2008 (Register 2008, No. 14).