§ 5010. Committee Resolutions; Use of State Ceiling Allocations; Allocation Expiration.

(a) The granting of an Allocation by the Committee shall be memorialized in a written resolution adopted by the Committee.

(1) The Committee Resolution shall specify the bond issuance deadline in conformance with applicable law, in addition to the following: the Applicant, the amount of the Allocation, the project or program name for which the Allocation has been provided, the Project Sponsor using the Bond proceeds where applicable, the location of the project or program, and any additional conditions or restrictions imposed on the Allocation by the Committee.

(2) The bond issuance deadline established in the Committee Resolution shall be no later than December 31 of the year following year of the Allocation.

(b) Use of an Allocation shall be limited by the provisions of the Committee Resolution. Any changes to the specifications contained in the Committee Resolution prior to the issuance of Bonds, including, but not limited to, changes to the Bond sale structure, the direct purchaser of the Bonds if a private placement of Bonds is indicated, the entity selling Bonds, or the identity of the Applicant, must be approved by the Committee prior to the Bond issuance. The Committee may delegate the authority to approve these changes to the Committee Chair or to the Executive Director. The Executive Director may administratively approve routine and non-substantive changes that do not require additional Allocation.

(c) Except for the reversion of unused Allocation pursuant to subdivision (d), Allocations are not transferable unless expressly authorized in writing by the Committee.

(1) The Committee may permit transfers of Allocation as follows:

(A)The Committee may permit transfers of carryforward Allocations to the highest scoring Application on a waiting list or, if a waiting list does not exist, the highest scoring Project in queue in a current Allocation Round, or to a project in a previous Allocation Round for which current year allocation was awarded, to use remaining or unused carryforward Allocation.

(B)The Committee may permit transfers of Allocation between Applicants for the same Project. Prior to the transfer of an Allocation between Applicants for the same Project, the new Applicant must demonstrate that both the Minimum Application Requirements outlined in Section 5003 and the specified program threshold requirements have been met prior to the Committee's approval of the transfer.

(2) Where the Applicant is administering a Single Family Housing Program for itself and other participating jurisdictions, the use of Allocation within the participating jurisdictions listed in the Committee Resolution is not considered a transfer. For purposes of this subdivision, participating jurisdictions means those entities that have provided written assignment of their rights to secure an Allocation to the Applicant. The Applicant shall submit copies of the assignments with the Application.

(d) Upon the expiration of an issuance deadline, any amount of the Allocation that has not been used to issue Qualified Private Activity Bonds or converted to Mortgage Credit Certificate authority shall automatically revert to the Committee unless that amount is authorized by the Committee for transfer or is carryforward. If it is carryforward, it shall be used for the bond issuer’s next bond issuance pursuant to Section 5011.

NOTE: Authority cited: Section 8869.94, Government Code. Reference: Section 8869.84(c), Government Code.