(a) On or before July 1, 2024, the Department of Housing and Community Development, the California Housing Finance Agency, and the California Tax Credit Allocation Committee shall enter into a memorandum of understanding to streamline the compliance monitoring of affordable multifamily rental housing developments that are subject to a regulatory agreement with more than one of these entities. The memorandum of understanding shall meet all of the following criteria:
(1) Ensure that only one entity conducts physical inspections for a particular project.
(2) Eliminate the submission of duplicate information.
(3) Provide for an aligned process to obtain required approvals for, including, but not limited to, reserve draws, ownership changes, property management changes, operating budgets, and capital needs assessments.
(b) Notwithstanding any provision in this chapter, any delegation of responsibility provided in the memorandum of understanding pursuant to subdivision (a) shall not constrain the regulating entity’s obligations with third parties, performance of inspection standards, or ability to approve or deny any related process pursuant to paragraph (3) of subdivision (a).