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 6.5 - California Self-Help Housing Program
Article 5 - Deferred Payment Loans and Other Forms of Mortgage Assistance
Section 7578 - Mortgage Subsidy Assistance
Universal Citation: 25 CA Code of Regs 7578
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) In lieu of assistance provided to eligible households through deferred payment loans, sponsors may propose, in their applications for funding, a method for providing assistance to eligible households to reduce their monthly mortgage interest costs. The Department may accept or reject the proposal, or require the sponsor to amend the proposal.
(b) The Department will use the following criteria in evaluating the proposal for acceptance, rejection, or modification:
(1) The capability of the Department, sponsor, lender or other party to administer and monitor the payments;
(2) The extent to which the proposed method will maximize the benefits of program funds for eligible households;
(3) The extent to which the proposal will encourage resale of the assisted units to low-income households; and
(4) The adequacy of proposed security to protect the program funds and ensure compliance with program requirements.
Note: Authority cited: Section 50697(d), Health and Safety Code. Reference: Section 50696, Health and Safety Code.
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