§ 5007. Minimum Bond Sale Structure Requirements.

(a) Applicants, other than Applicants for a Mortgage Credit Certificate Program, shall provide evidence of a plan to privately place, limitedly offer or publicly sell the proposed Bonds for an amount no less than the amount requested in the Application. All relevant bond documents for Qualified Residential Rental Projects must permit principal payments or prepayments on the underlying loan(s) as transferred proceeds in a bond preservation and recycling program as permitted by 26 U.S.C. Section 146(i)(6).

(b) Notwithstanding the requirements set forth in Sections 5008 and 5009, the Committee may apply more stringent requirements and thresholds for a given Project.

NOTE: Authority cited: Section 8869.94, Government Code. Reference: Sections 8869.84(c), 8869.85(a) and 8869.85(b), Government Code.