California Government Code

§ 62108

GOV § 62108 Effective Jan 1, 2016Div. 4 · Title 6 · Part 2 · Ch. 1

Statute text

(a)(1) Upon failure of the authority to expend or encumber excess surplus in the Low and Moderate Income Housing Fund within one year from the date the moneys become excess surplus, as defined in paragraph (1) of subdivision (g), the authority shall do either of the following:

(A)Disburse voluntarily its excess surplus to the county housing authority, a private nonprofit housing developer, or to another public agency exercising housing development powers within the territorial jurisdiction of the agency in accordance with subdivision (b).

(B)Expend or encumber its excess surplus within two additional years.

…

Legislative history

Added by Stats. 2015, Ch. 319, Sec. 2. (AB 2) Effective January 1, 2016.