1. (a) The Committee may award Allocation on a carryforward basis for the purpose of providing sufficient time for Applicants to issue Bonds under the current year's State Ceiling and/or to ensure all remaining portions of the State Ceiling are issued. An Applicant receiving an Allocation may not carryforward the Allocation to a subsequent calendar year unless expressly authorized in writing by the Committee.
2. (b) The Committee will specify the expiration date of the carryforward Allocation in the Committee Resolution memorializing the grant of the Allocation. If any amount of the carryforward Allocation has not been used to issue Bonds or convert Bonds to Mortgage Credit Certificate Authority on or before the expiration date, the performance deposit will be forfeited to the Committee and the Committee may require the Issuer to transfer the carryforward Allocation to another approved Project by the same Issuer in accordance with section 5120. If the Committee does not require a transfer of the carryforward Allocation, the expiration date may be extended with the approval of the Executive Director until the Allocation expires pursuant to 26 U.S.C. section 146(f)(3) or to each subsequent deadline for submitting Applications to the Committee. At that time, the Committee may require the Issuer to transfer the carryforward Allocation to another approved Project by the same Issuer.
3. (c) Pursuant to Section 5106, the Committee shall establish a rank-order list of all projects to be allocated during a competitive round. The Committee shall determine if the issuers for those projects that are scheduled to receive an allocation are in possession of any carryforward allocation not otherwise reserved for a project that has received an allocation but has not issued bonds, and if that condition exists, the Executive Director shall subscribe that carryforward to the projects that are scheduled to be awarded an allocation in the current round pursuant to the priorities set forth by the Committee. The issuer's carryforward shall be applied to all projects recommended for an allocation until exhausted.
4. (d) Carryforward Allocations made to a Veterans Home Loan Program or a CalHFA Single Family Program are not subject to expiration except as set forth in 26 U.S.C section 146(f)(3).
5. (e) Applicants awarded Allocation on a carryforward basis as prescribed in section shall transmit to the Committee, via the address provided in section 5012, the documents provided to the Internal Revenue Service reporting the carryforward election no later than February 1st of the year immediately following the year in which the Allocation was awarded.

Note: Authority cited: Section 8869.94, Government Code. Reference: Sections 8869.84(c), 8869.84(e), 8869.85(c) and 8869.86(a)(3), Government Code.

History

1. Renumbering of section 5130 to section 5011, including repealer and new section heading and section, filed 2-4-2026; operative upon adoption by the California Debt Limit Allocation Committee on 12-10-2025 pursuant to Government Code section 8869.94(c). Submitted to OAL for filing and printing only pursuant to Government Code section 11343.8 (Register 2026, No. 6).