1. (a) In order to receive an RWD loan, the Project must:

   1. (1) have received an award of 9% or 4% tax credits from TCAC;
   2. (2) include the new construction or Rehabilitation of a Rental Housing Development, or conversion of a nonresidential structure to a Rental Housing Development;
   3. (3) have sufficient financing and funding commitments to demonstrate that the Project is feasible at marketable rents without the use of Program funds;
   4. (4) not receive other funds from the Program; and
   5. (5) not have completed construction at the time of the award of Program funds, as evidenced by the lack of a recorded notice of completion or comparable indicator of construction status.
2. (b) The Sponsor may be any entity qualified to receive a tax credit allocation from TCAC.

Note: Authority cited: Sections 50406(n), 50675.1(c) and 50675.11, Health and Safety Code. Reference: 50675.2(d), 50675.4 and 50675.7, Health and Safety Code.

History

1. New section filed 1-8-2002; operative 1-8-2002 pursuant to Government Code section 11343.4 (Register 2002, No. 2).