PART 3. CALIFORNIA HOUSING FINANCE AGENCY [50900. - 51532.]
Heading of Part 3 amended (as amended by Stats. 1994, Ch. 94) by Stats. 2000, Ch. 471, Sec. 17.5.
§§ 50900–51532 · 223 sections
CHAPTER 1. Organization §§ 50900–50916 · 18 sections
- § 50900 (a) The California Housing Finance Agency is hereby continued in existence in the California Housing and Homelessness Agency. The agency constitutes a public…
- § 50901 (a) The agency shall be administered by a board of directors consisting of 13 voting members, including a chairperson selected by the Governor from among the…
- § 50902 (a) Appointed members of the board shall be able persons broadly reflective of the economic, cultural, and social diversity of the state, including ethnic…
- § 50903 All members of the board appointed by the Governor shall be confirmed by the Senate.
- § 50904 The representation of varied interest groups on the board shall be deemed essential to obtain information for the development of policy and decisions of the…
- § 50905 (a) An officer or employee of the agency shall not be employed by, hold any paid official relation to, or have any financial interest in, any housing sponsor…
- § 50906 Board members shall be removable solely for cause.
- § 50907 The Governor shall appoint a chairperson from among members of the board, who, when present, shall preside at meetings of the board. The term of the…
- § 50908 The Governor shall, subject to confirmation by the Senate, appoint an executive director of the agency, who shall, subject solely to supervision by the board,…
- § 50909 (a) Notwithstanding Sections 19816 and 19825 of the Government Code, the compensation of key exempt management, including the executive director, the chief…
- § 50910 The executive director may from time to time employ technical experts and other employees as may, in his or her judgment, be necessary for the conduct of the…
- § 50911 (a) Notwithstanding Sections 11042 and 11043 of the Government Code, the executive director may employ as general counsel for the agency an attorney at law…
- § 50912 There shall be within the agency a director of financing appointed by the Governor and serving at the pleasure of the executive director of the agency. The…
- § 50912.5 There shall be within the agency a director of enterprise risk management and compliance appointed by the Governor and serving at the pleasure of the executive…
- § 50913 (a) For its activities under this division, the executive director shall prepare a preliminary budget on or before December 1 of each year for the ensuing…
- § 50914 (a) The board shall authorize any sale of obligations or securities or other debt obligations and shall approve other major contractual agreements. Any other…
- § 50915 The principal offices of the agency shall be located in the City of Sacramento.
- § 50916 All meetings of the board and of all committees of the board including those committees whose membership constitutes less than a quorum of the board shall be…
CHAPTER 2. Purposes and General Provisions §§ 50950–50962 · 14 sections
- § 50950 The primary purpose of the agency shall be to meet the housing needs of persons and families of low or moderate income.
- § 50951 In meeting the housing needs of persons and families of low or moderate income, not less than 30 percent of the units financed by mortgage loans or property…
- § 50952 The agency shall also seek to attain all of the following objectives: (a) Acquisition of the maximum amount of funds available for subsidies for the benefit of…
- § 50952.5 (a) It is the intent of the Legislature, and it shall be a goal of the agency, that not less than one-half of the dollar amount of financing for single-family…
- § 50953 No provision of this division shall be construed as a restriction or limitation upon any powers which the agency or any local public entity might otherwise…
- § 50954 The exercise of the powers specified in this division will be in all respects for the benefit of the people of the state, for their well-being and prosperity,…
- § 50955 (a) The agency and every housing sponsor shall require that occupancy of housing developments assisted under this part shall be open to all regardless of any…
- § 50956 It shall be the policy of the agency to coordinate its activities with the department. It shall be the policy of the agency to conduct its operations so as to…
- § 50957 No development or construction loan shall be made pursuant to this part if the agency determines that the making of such a loan would result in the permanent…
- § 50958 Mortgage loans made pursuant to this part to housing sponsors, other than local public entities and nonprofit housing sponsors of rental and cooperative…
- § 50959 This division is intended to benefit purchasers and residents of housing developments who are persons and families of low or moderate income and shall be…
- § 50960 A loan document for a loan that is not secured by real property and is made to a person, not including a firm, association, partnership, organization,…
- § 50961 It shall be the policy of the agency to encourage housing location in public transit corridors so that residents may have convenient access to public…
- § 50962 The same notice requirements as specified in Section 65863.10 of the Government Code shall apply to rental housing developments that receive financial…
CHAPTER 3. Financial Provisions §§ 51000–51007 · 12 sections
- § 51000 The California Housing Finance Fund is hereby created in the State Treasury. Construction loan funds may be transferred to the construction lender or to the…
- § 51000.1 Notwithstanding any other provision of law, except as provided in Section 51000.3, no officer or division of state government shall transfer any sums of money…
- § 51000.3 Section 51000.1 does not supersede any provision of Article 2 (commencing with Section 11270) of Chapter 3 of Division 3 of Title 2 of the Government Code.
- § 51000.4 Upon cessation of all agency operations and settlement of all obligations and debts, all assets of the California Housing Finance Agency, including those in…
- § 51001 Pursuant to any agreements with the holders of particular bonds pledging any particular assets, revenues, or moneys, the agency may create separate accounts in…
- § 51002 Subject to any agreements with holders of particular bonds, revenue derived pursuant to this part from property improvement loans and mortgage loans shall be…
- § 51003 The agency shall, from time to time, direct the Treasurer to invest moneys in the fund which are not required for its current needs, including proceeds from…
- § 51004 The agency may utilize moneys which may be appropriated to the fund from time to time by the Legislature for effectuating its purposes, including, but not…
- § 51004.5 On or before May 1 of each year, commencing in 1980, the agency shall submit to the Legislature and the Governor, an annual plan for using its revenue bonding…
- § 51005 (a) The agency shall, by December 31 of each year, submit an annual report of its activities under this division for the preceding year to the Governor, the…
- § 51006 The executive director of the agency shall immediately certify in writing to the Joint Legislative Audit Committee, the Joint Legislative Budget Committee, the…
- § 51007 Subject to any agreements with holders of particular bonds, all moneys available for carrying out the purposes of this part and declared by the agency to be…
CHAPTER 4. General Powers §§ 51050–51070 · 23 sections
- § 51050 The agency shall have all of the following powers: (a) To sue and be sued in its own name. (b) To have an official seal and to alter the same at pleasure. (c)…
- § 51050.1 The agency may make loans to finance affordable housing, including residential structures, housing developments, multifamily rental housing, special needs…
- § 51051 The agency shall be a state representative for purposes of receiving and allocating financial aid and contributions from agencies of the federal government…
- § 51053 The agency may make and execute contracts with qualified mortgage lenders for the initiation or servicing of mortgage loans, construction loans, property…
- § 51054 The agency may make or undertake commitments to make development loans, construction loans, mortgage loans, and property improvement loans to housing sponsors…
- § 51055 The agency may purchase and sell construction loans, mortgage loans, property improvement loans, obligations secured by these loans, insurance on these loans,…
- § 51056 Construction loans, mortgage loans, and property improvement loans made, purchased, assigned or serving as security for obligations or participations pursuant…
- § 51058 (a) The agency may renegotiate, refinance, foreclose, or contract for the foreclosure of, any mortgage in default and may waive any default or consent to the…
- § 51058.5 Notwithstanding any other provision of law, the agency is not required to promulgate rules and regulations in order to establish or operate a mortgage…
- § 51059 The agency may procure insurance or coinsurance or guarantees from the federal government or from any governmental agency or instrumentality thereof, or from…
- § 51060 The agency may, for services performed, charge and collect from housing sponsors and qualified mortgage lenders such fees and charges for the purpose of…
- § 51061 The agency may sell or convey real property owned by the agency to persons and families of low or moderate income, nonprofit housing sponsors, and local public…
- § 51062 The agency shall establish criteria for housing sponsors and qualified mortgage lenders, which shall be designed to assure the financial integrity of programs…
- § 51063 Relocation payments shall be made to persons and families of low or moderate income who are residents displaced because of temporary or permanent displacement…
- § 51064 The agency shall establish maximum sale prices for the initial sale of residential structures, the acquisition, construction, or rehabilitation of which is…
- § 51065 The agency may make grants to nonprofit housing sponsors and local public entities to meet expenses incurred in planning, constructing, rehabilitating, or…
- § 51065.1 The agency may make grants to buyers of residential structures combined with first mortgage loans financed by the agency to be used in conjunction with the FHA…
- § 51065.5 The agency may make unsecured loans or loans secured by assets other than real property to local public entities. The loans may be funded by the proceeds of…
- § 51066 For housing developments financed by a mortgage loan from the agency, the agency shall establish a grievance procedure or require housing sponsors to establish…
- § 51067 The agency shall adopt standards for the admission of tenants, termination of tenancies, and eligibility of purchasers of housing financed under this part as…
- § 51068 (a) Except as otherwise provided in subdivision (b) and notwithstanding the provisions of Sections 711, 711.5, and 1916.5 of the Civil Code, the agency shall…
- § 51069 The agency, after approving an application for mutual self-help housing, may make development loans and construction loans for land acquisition and development…
- § 51070 The agency shall require that qualified mortgage lenders do not substitute funds made available under this part for the lenders’ own resources, without…
CHAPTER 5. Financing of Housing Developments and Residential Structures §§ 51100–51252 · 43 sections
ARTICLE 1. Loans for Housing Developments §§ 51100–51104 · 5 sections
- § 51100 Subject to the limitations prescribed by Article 4 (commencing with Section 51175), the agency may make, or undertake commitments to make, development loans,…
- § 51101 The agency may make and publish rules and regulations respecting the making of development loans, construction loans, property improvement loans, and mortgage…
- § 51102 The agency shall enter into regulatory contracts and other agreements with housing sponsors receiving loans under the provisions of this part.
- § 51103 Prior to the commitment of moneys under this part for a mortgage loan on a housing development as provided in Article 1 (commencing with Section 51100),…
- § 51104 Notwithstanding any other provisions of this part, only the following types of housing developments and residential structures are eligible for mortgage loans…
ARTICLE 2. Loans Through Intermediary Lenders and Mortgage Purchase and Sale §§ 51125–51128 · 4 sections
- § 51125 The agency may invest in, purchase, or make commitments to purchase, and take assignments from qualified mortgage lenders of, construction loans, mortgage…
- § 51126 The agency may invest in, purchase, or make commitments to purchase any residential mortgage or any obligation secured by a residential mortgage or…
- § 51127 The agency may insure or guarantee any obligation held by the agency and secured by a mortage on a housing development or residential structure for the purpose…
- § 51128 Sales of mortgage obligations and securities pursuant to this article may be made at public or private sale, with or without public bidding, whether directly…
ARTICLE 3. Loans to Qualified Mortgage Lenders §§ 51150–51153 · 4 sections
- § 51150 The agency may make loans to qualified mortgage lenders under terms and conditions requiring the proceeds thereof to be used by such mortgage lenders for the…
- § 51151 Mortgage loans shall not be made under this article unless the agency determines that type of loan can be made at a lower cost to a housing sponsor than is…
- § 51152 Loans shall not be made by the agency to a qualified mortgage lender under this article, except pursuant to an agreement between the agency and the qualified…
- § 51153 In connection with loans made pursuant to this article, the agency may collect, enforce the collection of, and foreclose on any collateral securing the loans…
ARTICLE 4. Lender of Last Resort §§ 51175–51177 · 3 sections
- § 51175 Except as provided in this article, the agency shall not make construction loans or first mortgage loans for the purpose of financing owner-occupied…
- § 51176 In rural mortgage areas the agency may make and undertake commitments to make construction loans and mortgage loans to finance owner-occupied residential…
- § 51177 The agency may make and undertake commitments to make construction loans and mortgage loans to finance residential structures without the participation of a…
ARTICLE 4.5. Subordinated Mortgage Loans §§ 51180–51182 · 3 sections
- § 51180 As used in this article: (a) “Subordinated loan” means a deferred payment mortgage loan, which is a second trust deed used in connection with other financing…
- § 51181 The agency shall accept applications from housing sponsors for subordinated loans for rental housing developments upon which construction commences on or after…
- § 51182 The agency shall determine the manner in which subordinated loans are to be repaid. Potential methods of repayment may include, but not be limited to: (a) An…
ARTICLE 5. Supervision of Housing Sponsors §§ 51200–51207 · 8 sections
- § 51200 With respect to housing developments financed by a mortgage loan from the agency, the agency shall: (a) Prescribe uniform systems of accounts and records for…
- § 51201 The agency may do any of the following with respect to housing sponsors of rental and cooperative housing financed pursuant to this part. (a) Through its…
- § 51202 Every housing sponsor of a rental or cooperative housing development which receives a construction loan or mortgage loan or a grant pursuant to this part shall…
- § 51203 Upon making a determination that the financial status of a rental or cooperative housing development is such as to jeopardize any economic interest of the…
- § 51204 The agency may prescribe regulations specifying the categories of cost which shall be allowable in the construction or rehabilitation of a housing development.…
- § 51205 (a) The agency may institute any action or proceeding pursuant to applicable provisions of law against any housing sponsor receiving or assuming a loan under…
- § 51206 Whenever a housing sponsor of a rental or cooperative housing development accumulates an earned surplus greater than such operating and replacement reserves as…
- § 51207 A person or family of low or moderate income shall not receive financial assistance under this part if such person or family has already received assistance…
ARTICLE 5.7. Elderly Congregate Housing §§ 51215–51218 · 4 sections
- § 51215 The agency shall make loans to finance the construction or rehabilitation of congregate housing for the elderly in an aggregate amount of fifty million dollars…
- § 51216 An application by a housing sponsor for financing under this article shall include a plan for the provision of direct services, as defined by Section 50062.5,…
- § 51217 The management of congregate housing for the elderly shall, at the request of a majority of the residents, assist the residents in establishing and maintaining…
- § 51218 At the close of each fiscal year, commencing with the fiscal year ending June 30, 1988, the agency shall, as part of its annual report required to be prepared…
ARTICLE 6. Priorities §§ 51225–51232 · 9 sections
- § 51225 In selecting proposals for financing, the agency shall balance its activity between urban metropolitan, nonmetropolitan, and rural metropolitan areas of the…
- § 51226 (a) Subject to the availability of adequate subsidies, not less than 30 percent of the combined total units financed by mortgage loans and property improvement…
- § 51226.5 (a) Notwithstanding the provisions of Section 51226, in each housing development financed by the agency and insured under a federal multifamily insurance…
- § 51227 At the close of each fiscal year the agency shall ascertain that not less than 25 percent of the total units financed by mortgage loans during the preceding 12…
- § 51227.7 It shall be a goal of the agency that not less than 80 percent of the dollar amount of financing from proceeds of bonds issued after December 31, 1979, be used…
- § 51228 At the time a mortgage loan commitment is made to finance any rental or cooperative housing development, a written agreement between the agency and housing…
- § 51230 Not less than 30 percent nor more than 40 percent of the units financed by the agency during each fiscal year for very low-income households shall be designed…
- § 51231 The agency shall assist housing sponsors in obtaining subsidies. In selecting housing to be given assistance under this division, the agency shall give…
- § 51232 To implement the purposes of this division, the agency shall develop or require housing sponsors to develop, pursuant to regulations of the agency, resident…
ARTICLE 7. State and Local Cooperation §§ 51250–51252 · 3 sections
- § 51250 The agency may, in connection with a housing development, arrange or contract with a local public entity (1) for the planning, replanning, opening, grading, or…
- § 51251 Notwithstanding any other provision of law, the Department of General Services, any other state agency or officer authorized by law to convey real property of…
- § 51252 (a) Upon application to the department, any city, county, city and county, or combination thereof acting jointly, or the duly constituted governing body of an…
CHAPTER 6. Neighborhood Preservation §§ 51300–51311 · 9 sections
- § 51300 This chapter empowers the agency to designate neighborhood preservation areas, and to enter into agreements with local agencies. It does not limit agency…
- § 51301 The agency shall, after public hearings, establish priorities for the allocation of financing assistance pursuant to this chapter among eligible areas and…
- § 51302 Upon application by a local agency supplying such supporting information and data as the agency may require, the agency may designate an area within a city or…
- § 51304 The agency may designate a mortgage assistance area, after soliciting maximum feasible participation by community organizations, if it makes the following…
- § 51305 Upon approval of an application for designation of an area as a concentrated rehabilitation area, the agency may, with respect to such area, do any one of the…
- § 51306 Financing assistance for housing developments in concentrated rehabilitation areas may include any or all of the following types of loans: (a) Development…
- § 51308 Financing assistance may include mortgage loans for the acquisition of housing developments and residential structures in any mortgage assistance area, or any…
- § 51310 Relocation payments shall be made to persons and families displaced in making a site or a residential structure available for rehabilitation or construction…
- § 51311 Upon application by a local public entity the agency may agree to allocate funds for property improvement loans or mortgage loans for rehabilitation of…
CHAPTER 6.3. Special Needs Housing §§ 51312–51318 · 7 sections
- § 51312 (a) The primary purpose of this chapter is to provide an additional method of financing special needs housing. (b) (1) For purposes of this chapter, “special…
- § 51313 The exercise of the powers granted by this chapter shall be in all respects for the benefit of the people of this state and for their health and welfare.…
- § 51314 Subject only to the limitations of this chapter, the agency may, in addition to any other power conferred by this part, issue revenue bonds as provided in…
- § 51315 Subject only to the limitations prescribed in this chapter, the agency, in addition to any other power conferred by this part with respect to housing, may make…
- § 51316 Subject only to the limitations prescribed in this chapter, the agency, in addition to any other power conferred by this part, may purchase, or undertake,…
- § 51317 For the purposes of this chapter, the agency shall have the power to issue its bonds to defray, in whole or in part, the costs of studies and surveys,…
- § 51318 This chapter constitutes a complete, additional, and alternative method to issue bonds to finance the costs of special needs housing.
CHAPTER 6.5. Manufactured Housing §§ 51320–51322 · 5 sections
- § 51320 The agency may make or purchase loans for the following purposes: (a) To finance the acquisition, construction, or development of mobilehome parks that meet…
- § 51321 Subject to the limitations of this chapter, the agency may, in addition to any other power conferred by this part, issue revenue bonds as provided in Chapter 7…
- § 51321.3 For the purposes of this chapter, the agency shall have the power to issue its bonds to defray, in whole or in part, the costs of studies and surveys,…
- § 51321.6 Subject to the provisions of this part, the agency may insure or guarantee loans made for the purposes described in Section 51320.
- § 51322 With respect to any of the activities undertaken pursuant to Section 51320, the agency may establish maximum purchase prices for manufactured housing and…
CHAPTER 6.7. Multifamily Rental Housing §§ 51325–51340 · 9 sections
ARTICLE 1. General Provisions § 51325 · 1 section
- § 51325 The primary purpose of this chapter is to meet the multifamily rental housing needs of persons and families of low or moderate income. The exercise of the…
ARTICLE 2. Financing §§ 51330–51336 · 7 sections
- § 51330 Subject only to the limitations of this chapter, the agency may, in addition to any other power conferred by this part, issue revenue bonds as provided in…
- § 51331 Subject only to the limitations prescribed in this chapter, the agency, in addition to any other power conferred by this part with respect to multifamily…
- § 51332 Subject only to the limitations prescribed in this chapter, the agency, in addition to any other power conferred by this part, may purchase, or undertake,…
- § 51333 For the purposes of this chapter, the agency shall have the power to issue its bonds to defray, in whole or in part, the costs of studies and surveys,…
- § 51334 The agency may, in conjunction with the financing of multifamily rental housing pursuant to this chapter, finance the development of commercial property for…
- § 51335 (a) (1) Not less than 20 percent of the total number of units in a multifamily rental housing development financed, or for which financing has been extended or…
- § 51336 For purposes of this article, “housing sponsor” means a person as defined in Section 50074.
ARTICLE 3. State Assistance § 51340 · 1 section
- § 51340 This chapter constitutes an alternative method to finance construction loans and mortgage loans for multifamily rental housing pursuant to the provisions of…
CHAPTER 6.8. Home Purchase Assistance Program §§ 51341–51349 · 5 sections
- § 51341 The Legislature finds and declares that: (a) There is a continuing and urgent need to provide affordable mortgage financing to meet the increasingly…
- § 51342 (a) There is hereby continued in the State Treasury a Home Purchase Assistance Fund. “Fund,” as used in this chapter, means the Home Purchase Assistance Fund.…
- § 51343 (a) The agency shall administer a home purchase assistance program in accordance with this chapter. The purpose of the home purchase assistance program is to…
- § 51346 The agency may execute a contract with the Department of Veterans Affairs to provide home purchase assistance to first-time veteran homebuyers.
- § 51349 (a) The agency shall have all the powers conferred upon it by this part and Part 4 (commencing with Section 51600) in administering this chapter. (b) The…
CHAPTER 6.9. Disaster Rebuilding Fund Act §§ 51349.1–51349.9 · 9 sections
- § 51349.1 This act shall be known and may be cited as the Disaster Rebuilding Fund Act.
- § 51349.2 The Legislature finds and declares all of the following: (a) The Legislature finds that disasters resulting in a state of emergency proclaimed by the Governor…
- § 51349.3 For purposes of this chapter, the following definitions apply: (a) “Agency” means the California Housing Finance Agency. (b) “Construction loan loss guarantee”…
- § 51349.4 (a) The agency shall establish the Disaster Rebuilding Assistance Program, to be administered by the agency, for the purpose of supporting construction,…
- § 51349.5 (a) The agency shall adopt guidelines for the Disaster Rebuilding Assistance Program that include, but are not limited to, all of the following: (1)…
- § 51349.6 (a) The agency shall complete an initial phase of the program, shall conduct an evaluation of this initial phase, and shall report the results of the…
- § 51349.7 The agency shall communicate with relevant public agencies, including local, state, and federal agencies, to avoid duplication of benefits and to support…
- § 51349.8 The agency may contract with public or private entities for the processing of guarantees or related administrative functions.
- § 51349.9 On or before March 1, 2028, and each year thereafter, the agency shall submit a report to the Legislature pursuant to Section 9795 of the Government Code,…
CHAPTER 7. Revenue Bonds §§ 51350–51375 · 25 sections
- § 51350 (a) The agency may, from time to time, issue its bonds in the principal amount that the agency determines necessary to provide sufficient funds for financing…
- § 51350.5 The limitation set forth in Section 51350 on the amount of the agency’s bonds which may be concurrently outstanding, including any changes, expansions of, or…
- § 51352 Except as may otherwise be expressly provided by resolution of the agency, every issue of its bonds shall be general obligations of the agency payable out of…
- § 51353 The bonds shall be authorized by resolution or resolutions of the agency, shall be in such form, shall bear such date or dates, and shall mature at such time…
- § 51354 The agency may, from time to time, issue (1) bonds to renew bonds and (2) other bond obligations to pay bonds including the interest thereon, and, whenever it…
- § 51355 Any resolution or resolutions authorizing any bonds or issue therefor may contain provisions, which shall be a part of the contract or contracts with the…
- § 51356 Any resolution or resolutions authorizing any bonds or issue thereof shall specify the extent to which revenues resulting from loans made with proceeds of the…
- § 51357 Any pledge made by the agency shall be valid and binding from the time when the pledge is made. The revenues, moneys, or property so pledged and thereafter…
- § 51358 Bond underwriters and consultants shall be selected by the agency.
- § 51359 The members of the board, the executive director of the agency, or any other person executing such notes or bonds shall not be subject to any personal…
- § 51361 The Treasurer shall act as trustee for the agency and the holders of its bonds, provided the Treasurer elects to serve as trustee with respect to a particular…
- § 51362 The State Treasurer or other trustee acting on behalf of bondholders shall have and possess all the powers necessary or convenient for the exercise of any…
- § 51363 Whether or not the bonds are of such form and character as to be negotiable instruments under, or subject to, the terms of the California Uniform Commercial…
- § 51364 In the event any of the board members or officers of the agency whose signatures appear on any bonds or coupons shall cease to be such board members or…
- § 51365 Proceeds derived from the issuance of bonds or securities and any interest or other increment derived from the investment thereof may be used for any of the…
- § 51366 The agency, in its discretion and pursuant to agreements with bondholders, may create and establish one or more special accounts in the California Housing…
- § 51367 The agency shall not at any time issue bonds if, upon issuance of the bonds, the amount in any bond reserve fund, established pursuant to Section 51366 to…
- § 51368 (a) The Supplementary Bond Security Account is hereby created in the California Housing Finance Fund. Moneys in the account may be transferred into separate,…
- § 51369 The agency shall create and establish such other accounts in the California Housing Finance Fund as may be necessary or desirable for its agency purposes.
- § 51370 In addition to the authority otherwise contained in this division to issue notes in anticipation of the sale of bonds, the agency may issue negotiable bond…
- § 51371 The agency may provide for the issuance of refunding bonds for the purpose of refunding any bonds then outstanding which have been issued under the provisions…
- § 51372 Refunding bonds issued as provided in Section 51371 may be sold, or exchanged for outstanding bonds issued under this part and, if sold, the proceeds thereof…
- § 51373 The state does hereby pledge to and agree with the holders of any bonds issued under this part that the state will not limit or alter the rights hereby vested…
- § 51374 Bonds issued under the provisions of this part shall not be deemed to constitute a debt or liability of the state or of any political subdivision thereof,…
- § 51375 The bonds of the agency shall be legal investments in which all public officers and public bodies of this state, its political subdivisions, all municipalities…
CHAPTER 8. Taxable Securities §§ 51400–51403 · 4 sections
- § 51400 The Legislature finds and declares that it is essential to the economic growth of the state and the supply of adequate residential and multifamily rental…
- § 51401 Notwithstanding any other provision of this division, as used in this chapter: (a) “Mortgage loan” means any residential mortgage loan or multifamily rental…
- § 51402 (a) Notwithstanding any other provision of this division, the agency may establish a mortgage loan program. Under the mortgage loan program, the agency may…
- § 51403 (a) The agency may, from time to time, issue its taxable securities in whatever principal amount the agency determines is necessary to provide sufficient funds…
CHAPTER 9. School Facility Fee Affordable Housing Assistance Programs §§ 51450–51455 · 8 sections
- § 51450 (a) It is the intent of the Legislature that affordable homebuyer and rental housing programs be implemented to address the needs of economically distressed… see note
- § 51451 The Homebuyer Down Payment Assistance Program and the Rental Assistance Program are hereby established to provide assistance in the amount of the applicable… see note
- § 51451.5 The Homebuyer Down Payment Assistance Program of 2002 is hereby established, to provide assistance in the amount of the applicable school facility fee on… see note
- § 51452 (a) The School Facilities Fee Assistance Fund is hereby established in the State Treasury and, notwithstanding Section 13340 of the Government Code, all money… see note
- § 51453 Notwithstanding Section 51452, the sum of fifty million dollars ($50,000,000) transferred to the School Facilities Fee Assistance Fund pursuant to subparagraph… see note
- § 51453.5 Notwithstanding Section 51452, the sum of twenty-five million dollars ($25,000,000) which is made available pursuant to subparagraph (B) of paragraph (1) of… see note
- § 51454 The Legislative Analyst’s Office shall submit a report to the Legislature and the Governor no later than January 1, 2001, regarding the effectiveness of the… see note
- § 51455 (a) Except as provided in subdivision (b), Sections 51450, 51451, 51452, and 51454 shall not be operative on and after January 1, 2002. (b) Except as provided…
CHAPTER 10. Multifamily Housing §§ 51475–51484 · 10 sections
- § 51475 (a) The Legislature finds and declares: (1) Significant amounts of housing built to serve lower income households and families is disappearing from the housing…
- § 51476 The agency shall administer a program for the preservation of multifamily housing under authority of this chapter with funds made available by the California…
- § 51477 There is hereby created in the State Treasury an Affordable Housing Preservation and Rehabilitation Fund. “Fund” as used in this chapter means the Affordable…
- § 51478 All of the powers granted under this chapter are cumulative with powers of the agency under other provisions of this part, and this chapter constitutes an…
- § 51479 In administering a program for the preservation of multifamily housing hereunder, the agency may segregate funds available for these purposes into separate…
- § 51480 (a) (1) Mortgage lending authorized by this chapter shall be for multifamily rental housing developments at risk of conversion. For the purposes of this…
- § 51481 Mortgages made by the agency under authority of this chapter shall be secured by a first deed of trust, or by a deed of trust junior to a first deed of trust…
- § 51482 The agency shall adopt policies by resolution of the board for the admission of tenants, termination of tenancies, and eligibility of developers of housing…
- § 51483 The agency shall consult with an outside advisory committee to assist in the implementation of this chapter. The advisory committee shall be comprised of…
- § 51484 The agency shall have all powers granted under authority of this part to make commitments and execute agreements with developers, other lenders, and any public…
CHAPTER 11. California Homebuyer’s Downpayment Assistance Program §§ 51500–51511 · 8 sections
- § 51500 This chapter shall be known and may be cited as the California Homebuyer’s Downpayment Assistance Program. see note
- § 51501 The Legislature finds and declares all of the following: (a) There is a continuing and urgent need to provide affordable mortgage financing to meet the… see note
- § 51502 The purpose of the California Homebuyer’s Downpayment Assistance Program is to assist first-time low- and moderate-income homebuyers utilizing existing… see note
- § 51504 (a) The agency shall administer a downpayment assistance program that includes, but is not limited to, all of the following: (1) Downpayment assistance shall… see note
- § 51505 (a) In addition to the downpayment assistance program authorized by Section 51504, and notwithstanding any provision of Section 51504 to the contrary, the… see note
- § 51506 The downpayment assistance provided by this program shall be limited to first-time homebuyers. see note
- § 51510 The agency shall have all the powers conferred upon it by this part (commencing with Section 50900) in administering this chapter. see note
- § 51511 (a) This chapter, except for this section, shall not be operative on and after July 1, 2016. (b) On and after July 1, 2016, any unobligated amounts remaining…
CHAPTER 12. California Dream for All Program §§ 51520–51529 · 11 sections
- § 51520 This chapter shall be known, and may be cited, as the California Dream for All Program.
- § 51521 The Legislature finds and declares all of the following: (a) Housing prices in California have risen dramatically in all parts of the state in the past decade,…
- § 51522 For the purposes of this chapter: (a) “First-time homebuyer” has the same meaning as defined in Section 50068.5. (b) “Fund” means the California Dream for All…
- § 51523 (a) The California Dream for All Program is hereby established to provide shared appreciation loans to qualified first-time homebuyers. The program shall be…
- § 51524 (a) (1) There is hereby established in the State Treasury the California Dream for All Fund. (2) Notwithstanding Section 13340 of the Government Code, all…
- § 51525 The state and the agency shall not be liable beyond the assets of the fund for any obligation in connection therewith.
- § 51526 (a) The agency shall, on or before January 10, 2023, and annually thereafter, furnish a report to the Legislature providing details of program implementation,…
- § 51526.1 (a) The agency, in consultation with the staff of the Legislative Analyst’s Office, the Senate Committees on Banking and Financial Institutions, Budget and…
- § 51527 (a) (1) The agency shall develop a borrower education program and disclosure statement designed to provide a borrower with sufficient information to understand…
- § 51528 (a) The agency shall evaluate options to finance the program with one billion dollars ($1,000,000,000) to two billion dollars ($2,000,000,000) annually.…
- § 51529 Prior to the disbursement of the remainder of funding for the program appropriated in the 2022 Budget Act, and prior to the disbursement of any funding for the…
CHAPTER 13. Accessory Dwelling Unit Program §§ 51530–51532 · 3 sections
- § 51530 For purposes of this chapter: (a) “Homeowner” means an owner of a single-family residential property that does not own more than three residential properties…
- § 51531 (a) The agency shall convene a working group to develop recommendations for the purposes of the program. The purpose of the program is to assist homeowners in…
- § 51532 The agency shall conduct an evaluation of the program and shall report the agency’s findings to the Legislature by no later than January 1, 2025. The report…