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 5 - Deferred-Payment Rehabilitation Loans
Section 7428 - Disbursement of Funds

Universal Citation: 25 CA Code of Regs 7428

Current through Register 2024 Notice Reg. No. 38, September 20, 2024

The following procedure shall govern disbursement of funds to local entities.

(a) Funds for loans will be disbursed to, or on behalf of, the local entity as the need for funds arises in a manner determined by the Department. Such disbursements may include advance payments on the total approved loan fund commitment and payments thereafter as needed to facilitate effective administration of the program by local entities.

(b) The Department shall disburse administrative grant funds to local entities on a quarterly basis or on a loan-by-loan basis, at the discretion of the Department.

(c) The local entity must request disbursements of funds in writing at least twenty days before receipt is required.

1. Amendment filed 10-2-81; effective thirtieth day thereafter (Register 81, No. 40).

Note: Authority cited: Section 50662, Health and Safety Code. Reference: Sections 50661, 50662 and 50663, Health and Safety Code.

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