§ 50708 Borrower Reporting Requirements

The department shall collect all of the following from each borrower and include a summary of this information in its last annual report submitted to the Legislature on or before December 31, 2013, pursuant to Section 50408: (a) A general description of activities undertaken pursuant to this chapter. (b) For each property acquired, the acquisition price; the amount and terms of the nonstate funds leveraged, and a statement as to whether the state acquisition funds were essential to the leveraging of these other acquisition funds; a description of the expiration date of the project’s rent or sales restrictions; the number of assisted units created or preserved; the amount of state funds required for each assisted unit created or preserved; and the level of affordability maintained. (c) If any borrower sells any property acquired with assistance through these state funds, a description of the name and location of the purchaser, the purchase price, and the total transaction costs. (d) An overall assessment of the effectiveness of these funds as tools in creating and preserving affordable housing. (Amended by Stats. 2012, Ch. 784, Sec. 3. (AB 1951) Effective January 1, 2013.)