1. (a) For projects involving rehabilitation and either acquisition or refinancing, the initial loan term shall be 30 years. For projects involving only rehabilitation, the initial loan term shall be 20 years.
2. (b) Upon request by the sponsor, the department shall approve an initial loan term longer than those set forth in subdivision (a) provided that such longer term does not exceed the useful life of the rental housing development as determined by the department utilizing general industry standards.

3. (c) Upon request by the sponsor, the department may approve one or more ten-year extensions of the loan term, if the department determines prior to granting each extension that both of the following are met:

   1. (1) The sponsor is in compliance with the Regulatory Agreement and agrees to continue to comply during the extended term; and
   2. (2) The extension is necessary to continue operations consistent with program requirements.
4. (d) The department may condition each extension on such terms as it deems necessary to ensure compliance with the requirements of this program.

Note: Authority cited: Section 50668.5, Health and Safety Code. Reference: Sections 50668.5 and 50670, Health and Safety Code.

History

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 A Certificate of Compliance must be transmitted to OAL within 120 days or the regulation will be repealed on 10-10-89.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 A Certificate of Compliance must be transmitted to OAL within 120 days or emergency language will be repealed on 2-7-90.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 A Certificate of Compliance must be transmitted to OAL within 120 days or emergency language will be repealed on 6-7-90.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 (c) and (d) 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 A Certificate of Compliance must be transmitted to OAL within 120 days or emergency language will be repealed on 7-3-90.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 subsection (c) transmitted to OAL 5-22-90 and filed 5-29-90 (Register 90, No. 29).