California Health and Safety Code

§ 33334.12

HSC § 33334.12 Effective Jan 1, 2000Div. 24 · Part 1 · Ch. 4 · Art. 4

Statute text

(a)(1) Upon failure of the agency to expend or encumber excess surplus in the Low and Moderate Income Housing Fund within one year from the date the moneys become excess surplus, as defined in paragraph (1) of subdivision (g), the agency shall do either of the following:

(A)Disburse voluntarily its excess surplus to the county housing authority or to another public agency exercising housing development powers within the territorial jurisdiction of the agency in accordance with subdivision (b).

(B)Expend or encumber its excess surplus within two additional years.

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Legislative history

Amended by Stats. 1999, Ch. 442, Sec. 5. Effective January 1, 2000.