§ 10320. Actions by the Committee.

(a) Meetings. Except for reservations made pursuant to Section 10325(h) of these Regulations, Reservations of Tax Credits shall occur only at scheduled meetings of the Committee, which shall announce application-filing deadlines and the approximate dates of reservation meetings as early in the year as possible.

(b) Tax Credits and ownership transfers. No allocation of the Federal or State Credits, or ownership of a Tax Credit project, may be transferred without prior written approval of the Executive Director. Said approvals shall not be unreasonably withheld. In the event that prior written approval is not obtained, the Executive Director may assess negative points pursuant to section 10325(c)(3)(M), in addition to other remedies. The following requirements apply to all ownership or Tax Credit transfers requested after January 31, 2014.

(1) Any transfer of project ownership (including changes to any general partner, member, or equivalent responsible party), or allocation of Tax Credits shall be evidenced by a written agreement between the parties to the transfer, including agreements entered into by the transferee and the Committee.

(2) The entity replacing a party or acquiring ownership or Tax Credits shall be subject to a “qualifications review” by the Committee to determine if sufficient project development and management experience is present for owning and operating a Tax Credit project. Information regarding the names of the purchaser(s) or transferee(s), and detailed information describing the experience and financial capacity of said persons, shall be provided to the Committee. Any general partner change during the 15-year federal compliance and extended use period must be to a party earning equal capacity points pursuant to Section 10325(c)(2)(A) as the exiting general partner. At a minimum this must be three (3) projects in service more than three years, or the demonstrated training required under Section 10326(g)(5). Two of the three projects must be Low Income Housing Tax Credit projects in California. If the new general partner does not meet these experience requirements, then substitution of general partner shall not be permitted.

(c) False information. Upon being informed, or finding, that information supplied by an applicant, any person acting on behalf of an applicant, or any team member identified in the application, pursuant to these regulations, is false or no longer true, and the applicant has not notified CTCAC in writing, the Committee may take appropriate action as described in H & S Code Section 50199.22(b) and in section 10325(c)(3) of these regulations. Additionally the Executive Director may assess negative points to any or all members of the development team as described in Section 10322(h)(5).

HISTORY

1. Repealer and new section filed 7-30-90 as an emergency; operative 7-17-90 (Register 90, No. 41). A Certificate of Compliance must be transmitted to OAL by 11-14-90 or emergency language will be repealed by operation of law on the following day. This action is not subject to review by OAL (Health and Safety Code section 50199.17). For prior history, see Register 89, No. 2.

2. Readoption as an emergency of action originally filed as emergency on 7-30-90 filed 11-26-90; operative 11-13-90 (Register 91, No. 4). A Certificate of Compliance must be transmitted to OAL by 3-26-91 or emergency language will be repealed by operation of law on the following day.

3. Readoption of emergency action filed 11-26-90, filed 1-4-91 as an emergency; operative 12-18-90 pursuant to Health and Safety Code section 50199.17 (Register 91, No. 8). The regulation will be repealed by operation of law on 4-17-91 unless, before that date the committee has completed the adoption process pursuant to Health and Safety Code section 50199.17(b).

4. Readoption of emergency actions filed 11-26-90 and 1-4-91 as an emergency filed 4-19-91 as an emergency; operative 3-28-91 pursuant to Health and Safety Code section 50199.17 (Register 91, No. 21). A Certificate of Compliance must be transmitted to OAL on 7-26-91 or emergency language will be repealed by operation of law on the following day.

5. Certificate of Compliance as to 3-28-91 order transmitted to OAL 7-16-91 and filed 8-15-91 pursuant to Health and Safety Code section 50199.17(b) (Register 91, No. 48).

6. Amendment of subsections (a), (d) and (e) filed 3-16-92 as an emergency; operative 1-16-92 (Register 92, No. 25). A Certificate of Compliance must be transmitted to OAL 7-14-92 or emergency language will be repealed by operation of law on the following day.

7. Repealer and new section filed 7-1-92 as an emergency; operative 5-15-92 (Register 92, No. 28). A Certificate of Compliance must be transmitted to OAL by 11-2-92 or emergency language will be repealed by operation of law on the following day.

8. Repealer and new section refiled, with amendment of subsection (b), 11-9-92 as an emergency; operative 8-31-92 (Register 92, No. 46). A Certificate of Compliance must be transmitted to OAL 3-9-93 or emergency language will be repealed by operation of law on the following day.

9. Repealer and new section refiled 1-28-93 as an emergency; operative 12-29-92 (Register 93, No. 5). A Certificate of Compliance must be transmitted to OAL 5-28-93 or emergency language will be repealed by operation of law on the following day.

10. Repealer and new section refiled 6-15-93 as an emergency; operative 4-2-93 pursuant to Health and Safety Code 50199.17 (Register 93, No. 25). A Certificate of Compliance must be transmitted to OAL by 7-31-93 or emergency language will be repealed by operation of law on the following day.

11. Repealer and new section refiled 10-6-93 as an emergency; operative 7-21-93 pursuant to Health and Safety Code section 50199.17 (Register 93, No. 41). A Certificate of Compliance must be transmitted to OAL by 11-18-93 or emergency language will be repealed by operation of law on the following day.

12. Editorial correction of History 10 (Register 93, No. 41).

13. Repealer and new section refiled 12-20-93 as an emergency; operative 11-18-93 pursuant to Health and Safety Code section 50199.17 (Register 93, No. 52). A Certificate of Compliance must be transmitted to OAL by 3-18-94 or emergency language will be repealed by operation of law on the following day.

14. Repealer and new section refiled with amendments 5-3-94 as an emergency; operative 1-25-94 pursuant to Health and Safety Code section 50199.17 (Register 94, No. 18). A Certificate of Compliance must be transmitted to OAL by 5-25-94 or emergency language will be repealed by operation of law on the following day.

15. Repealer and new section refiled 6-29-94 as an emergency; operative 5-28-94 pursuant to Health and Safety Code section 50199.17 (Register 94, No. 26).

16. Repealer and new section refiled 10-24-94 as an emergency; operative 9-22-94 pursuant to Health and Safety Code section 50199.17 (Register 94, No. 43). A Certificate of Compliance must be transmitted to OAL by 1-20-95 or emergency language will be repealed by operation of law on the following day.

17. Repealer and new section refiled 1-17-95 as an emergency, including amendment of subsection (e) and N ote ; operative 1-20-95 pursuant to Health and Safety Code section 50199.17 (Register 95, No. 3). A Certificate of Compliance must be transmitted to OAL by 5-22-95 or emergency language will be repealed by operation of law on the following day.

18. Repealer and new section refiled 7-7-95 as an emergency; operative 5-20-95 pursuant to Health and Safety Code section 50199.17 (Register 95, No. 27). A Certificate of Compliance must be transmitted to OAL by 9-17-95 or emergency language will be repealed by operation of law on the following day.

19. New section refiled 7-17-95 as an emergency; operative 5-25-95 pursuant to Health and Safety Code section 50199.17 (Register 95, No. 29). A Certificate of Compliance must be transmitted to OAL by 9-22-95 or emergency language will be repealed by operation of law on the following day.

20. New section, including amendment of section and N ote , refiled 3-18-96 as an emergency; operative 9-22-95 pursuant to Health and Safety Code section 50199.17 (Register 96, No. 12). A Certificate of Compliance must be transmitted to OAL by 1-20-96 or emergency language will be repealed by operation of law on the following day.

21. Editorial correction inserting inadvertently omitted last sentence of subsection (b) (Register 96, No. 13).

22. New section refiled 3-18-96 as an emergency; operative 9-26-95 pursuant to Health and Safety Code section 50199.17 (Register 96, No. 13). A Certificate of Compliance must be transmitted to OAL by 1-24-96 or emergency language will be repealed by operation of law on the following day.

23. New section refiled 3-18-96 as an emergency; operative 10-30-95 pursuant to Health and Safety Code section 50199.17 (Register 96, No. 14). A Certificate of Compliance must be transmitted to OAL by 2-27-96 or emergency language will be repealed by operation of law on the following day.

24. Repealer and new section filed 8-19-97; operative 2-18-97 pursuant to Health and Safety Code section 50199.17 (Register 97, No. 34).

25. Emergency amendment effective pursuant to Health and Safety Code section 50199.17 upon adoption by the Committee on February 16, 2001, filed with the Secretary of State on March 5, 2001 (Register 2001, No. 10). Editor's Note: On December 20, 2000, the Committee adopted and made effective an emergency amendment to an earlier version of this regulation; this amendment was superseded by the February 16, 2001 amendment. The December 20, 2000 amendment was filed with the Secretary of State on March 5, 2001; it was not printed in the California Code of Regulations.

26. Emergency readoption without change filed 11-19-2001 of an action most recently filed 3-5-2001; operative 9-17-2001 pursuant to Health and Safety Code section 50199.17 (Register 2001, No. 47).

27. Emergency adoption effective pursuant to Health and Safety Code section 50199.17 upon adoption by the Committee on March 19, 2003, filed with the Secretary of State on 5-8-2003 (Register 2003, No. 19). Editor's Note: These March 19, 2003 emergency regulations supersede prior emergency regulations adopted and made effective by the Committee on January 29, 2003. The January 29 emergency regulations were filed with the Secretary of State on May 8, 2003, but were never printed in the California Code of Regulations.

28. Emergency adoption effective pursuant to Health and Safety Code section 50199.17 upon adoption by the Committee on February 18, 2004, filed with the Secretary of State on 4-26-2004. These February 18, 2004 emergency regulations supersede prior emergency regulations (Register 2004, No. 18).

29. Emergency adoption effective pursuant to Health and Safety Code section 50199.17 upon adoption by the Committee on June 16, 2004, filed with the Secretary of State on 7-19-2004. These June 16, 2004 emergency regulations supersede prior emergency regulations (Register 2004, No. 30).

30. Emergency adoption effective pursuant to Health and Safety Code section 50199.17 upon adoption by the Committee on October 5, 2004, filed with the Secretary of State on 12-16-2004. These October 5, 2004 emergency regulations supersede prior emergency regulations (Register 2004, No. 51).

31. Emergency adoption effective pursuant to Health and Safety Code section 50199.17 upon adoption by the Committee on February 16, 2005, filed with the Secretary of State on 4-4-2005. These February 16, 2005 emergency regulations supersede prior emergency regulations (Register 2005, No. 14).

32. Emergency readoption of action adopted by the Committee 2-16-2005 and filed with the Secretary of State 4-4-2005; refiled 11-1-2005; readopted by the Committee and effective 9-28-2005 pursuant to Health and Safety Code section 50199.17 (Register 2005, No. 44).

33. Emergency adoption filed 3-23-2006; conclusively presumed to be an emergency and effective upon adoption by the Committee on 1-18-2006 pursuant to Health and Safety Code section 50199.17(c) and (d). This filing supercedes prior emergency regulations and is exempt from the Administrative Procedure Act except as provided in Health and Safety Code section 50199.17 (a) and (b) (Register 2006, No. 12).

34. New section replacing prior emergency adoption filed 7-22-2010; operative 2-17-2010. Submitted to OAL for printing only pursuant to Health and Safety Code section 50199.17 (Register 2010, No. 30).

35. Amendment of subsections (b) and (b)(2) filed 4-18-2011; operative date of the amendments is immediately upon adoption by the committee pursuant to Health and Safety Code section 50199.17(c) (Register 2011, No. 16).

36. Amendment of subsections (b)-(b)(2) filed 3-28-2014; operative upon adoption by the California Tax Credit Allocation Committee on 1-29-2014 pursuant to Health and Safety Code section 50199.77(c). Submitted to OAL for printing only (Register 2014, No. 13).

Note

Note: Authority cited: Section 50199.17, Health and Safety Code. Reference: Sections 12206, 17058 and 23610.5, Revenue and Taxation Code; and Sections 50199.4-50199.22, Health and Safety Code.