CA AB515

Authorizes the Department of Housing and Community Development to approve payoff of department loans in whole or part before the end of their term and extraction of equity from developments for department-approved purposes.

Prohibits loan extensions, reinstatement, subordination, payoff, extraction, or tax credit investments if they would result in rent increases exceeding the annual adjustment specified in the department's regulatory agreement.

Allows the department to waive occupancy reports, financial reports, use of operating income requirements, and reserve governance requirements if a department loan is paid off, with the ability to rescind waivers at the department's sole discretion.

Authorizes the department to charge monitoring fees that continue until the end of the regulatory agreement term even after loan payoff, and allows additional fees to cover restructuring transaction costs.

Limits developer fees to amounts allowed by the California Tax Credit Allocation Committee or 25 percent of actual rehabilitation costs, payable only for resyndications involving major rehabilitation.