50676.
(a) The department is hereby designated as the state agency responsible for administering funds received by the state from the federal Housing Trust Fund pursuant to the Housing and Economic Recovery Act of 2008 (Public Law 110-289), and implementing federal regulations.(b) The department shall administer the funds specified in subdivision (a) pursuant to the state multifamily housing program established in Chapter 6.7 (commencing with Section 50675), except that up to 10 percent of the funds may be appropriated by the Legislature to the CalHome Program established in Chapter 6 (commencing with Section 50650).
(c) The department shall amend its regulations, as needed, to comply with federal law.
(d) The department shall submit both of the following to the Legislature:
(1) A report describing the department’s plan for distributing the funds, including a schedule for the release of all funds, no later than 30 days after receipt of the federal funds.
(2) A report detailing the cumulative amounts of funds awarded and expended, no later than 180 days after receipt of the federal funds and on or before December 31 of each year thereafter.