California AB2020 allows the Department of Housing and Community Development to transfer funds between rental housing developments.
California AB2020 amends the Health and Safety Code to permit the Department of Housing and Community Development to transfer funds between rental housing developments. Specifically, the department can transfer residual receipts or excess reserves from one development to another, provided the developments are owned by the same sponsor and the transfer does not impair any rights of other lenders or governmental entities. This measure aims to improve the fiscal integrity of developments financed with departmental resources.
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- Legal Framework
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