California Code of Regulations
Title 25 - Housing and Community Development
Division 1 - Housing and Community Development
Chapter 7 - Department of Housing and Community Development Programs
Subchapter 3 - Farmworker Housing Grant Program
Article 2 - Program Requirements
Section 7211 - Loan Terms and Requirements
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) The term of a loan for a rental housing development shall be for 55 years commencing on the date of recordation of the Program loan documents.
(b) A loan shall bear simple interest at the rate of three percent (3%) per annum.
(c) Repayment of principal and interest on a loan shall be deferred for the full term except that, for rental housing developments, payments shall be required to the extent of available cash flow and residual receipts pursuant to Section 8314.
(d) Loans shall be evidenced by a promissory note the repayment of which shall be secured by a deed of trust recorded as a lien on the development property and improvements.
1. New section filed 4-2-2008; operative 5-2-2008 (Register 2008, No. 14).
Note: Authority cited: Sections 50406 and 50517.5, Health and Safety Code. Reference: Section 50517.5, Health and Safety Code.
