§ 5268. Mortgage Revenue Bond Eligibility.

(a) For Mortgage Credit Certificate programs, in order to be eligible for a new Single Family Housing Program Allocation, the Applicant must:

(1) Demonstrate that all remaining bond authority in the calendar year two (2) years prior to the current year (other than minor amounts not to exceed $1 million) have been issued to first time home buyers.

(2) Certify that any Mortgage Credit Certificate authority remaining from the year prior to the current year will be used before the use of new Mortgage Credit Certificate authority.

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