California Health and Safety Code

§ 50672.2

HSC § 50672.2 Effective Jun 30, 2022Div. 31 · Part 2 · Ch. 6.6

Statute text

(a)(1) Upon appropriation by the Legislature for purposes of this chapter, the department may award a forgivable loan or grant to a qualified rental housing development to replace federal and state low-income housing credit equity contained in the application for which the development received the original award letter or, if applicable, a subsequent application to the California Tax Credit Allocation Committee.

(2)The department may, in its sole discretion, adjust the grant or loan amount to account for reduction of fees associated with tax credit syndication, reasonable cost increases, including unforeseeable cost overruns or gaps in financing due to changed market conditions, or other financing sources obtained by the sponsor of the development.

(3)If funds provided under this chapter are provided as a loan, the loan shall have an interest rate of 0 percent.

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Legislative history

Amended by Stats. 2022, Ch. 70, Sec. 16. (SB 197) Effective June 30, 2022.