1. (a) The maximum loan amounts shall correspond to the loan limits provided in subdivision (a)(1) of section 7460 of this Title. The amounts for a small apartment unit and for a large apartment unit shall be the same as the limits provided for a small unit and for a large unit. The amounts for a single-family house shall be the same as the limits for a single-family dwelling. (The amounts for a residential hotel unit shall be the same as those limits shown for a residential hotel unit.)

2. (b) The loan amount is limited to the amount required when considered with other available financing, in order to achieve all of the following:

   1. (1) to enable the rehabilitation and either acquisition or refinancing, or rehabilitation only, of the rental housing development;
   2. (2) to ensure that rents for assisted units are in accordance with program requirements; and
   3. (3) to operate in compliance with all other program requirements.
3. (c) The total maximum loan amount shall not exceed the number of assisted units multiplied by the maximum loan amount for the unit type as set forth in subdivision (a)(1) of section 7460 and subdivision (a) of this section.

4. (d) The department may approve a higher loan amount per assisted unit if the sponsor is unable to otherwise finance project costs and the department determines that either of the following circumstances exists:

   1. (1) The higher loan amount for any assisted unit or units is consistent with the lowest reasonable cost of similar projects in the same area meeting minimum rehabilitation or seismic code standards, other eligible and necessary costs, and local building and land use requirements; or
   2. (2) The higher loan amount for any assisted unit or units is necessary to correct severe health and safety defects or to meet handicapped accessibility standards.

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 A Certificate of Compliance must be transmitted to OAL within 120 days or the regulation will be repealed on 10-10-89.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 (a) and (b)(1) 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) and (b) transmitted to OAL 5-22-90 and filed 5-29-90 (Register 90, No. 29).