PART 6. CALIFORNIA FIRST-TIME HOME BUYERS [52500. - 52533.6.]

Part 6 added by Stats. 1982, Ch. 320, Sec. 12.

§§ 52500–52533.6 · 32 sections

1. CHAPTER 1. General Provisions §§ 52500–52506 · 7 sections

   • § 52500 This part shall be known and may be cited as the Cal-First Home Buyers Act.
   • § 52501 This part shall be administered by the California Housing Finance Agency and all of the provisions of Part 3 (commencing with Section 50900) which are not…
   • § 52502 The First-Time Home Buyers Policy Committee is hereby created within the agency for the purpose of exercising those powers and responsibilities of the agency…
   • § 52503 The policy committee is comprised of five voting members, including a chairperson. The members shall be: (a) The State Treasurer, or his or her designee, who…
   • § 52504 The First-Time Home Buyers Fund is hereby created in the State Treasury. All money in the fund is hereby continuously appropriated to the agency for carrying…
   • § 52505 In addition to the purposes of the agency provided in Sections 50154 and 50950, a purpose and role of the agency is to make financing opportunities available…
   • § 52506 The agency shall have the power to adopt, and from time to time to amend and repeal, by action of the policy committee, rules and regulations, not inconsistent…
2. CHAPTER 2. Buy-Down Mortgage Plan §§ 52510–52519 · 12 sections

   • § 52510 The agency may contract with qualified mortgage lenders with respect to mortgage loans qualified under this part to pay to such lenders, subject to the…
   • § 52511 The agency may make commitments to qualified mortgage lenders to make contracts for buy-down mortgage plans which conform to this part. The agency may require…
   • § 52512 The mortgage loan by a qualified mortgage lender for which a buy-down contract may be executed by the agency shall be in such form as determined by the…
   • § 52513 The terms of the contract with a qualified mortgage lender for the buy-down mortgage plan shall be established by regulations of the agency adopted by the…
   • § 52513.5 (a) If: (1) a loan executed pursuant to Section 52512 is for a term of less than 30 years or provides for a balloon payment; (2) the loan has not been prepaid…
   • § 52514 In consideration for the agency’s contract, and performance of contract, to purchase a buy-down of the effective interest to the borrower on the mortgage loan,…
   • § 52514.5 All payments to the agency by the borrower on any note executed pursuant to Section 52514 shall be considered payments of interest for the purposes of Section…
   • § 52515 The real property to be purchased by the borrower on a mortgage loan pursuant to this part shall be an owner-occupied housing unit, the acquisition price of…
   • § 52516 The agency shall establish by regulation, adopted by the policy committee, standards for the eligibility of purchasers of housing subject to this part. Such…
   • § 52517 Notwithstanding any other provisions of this part, only mortgage loans are eligible for buy-down under the provisions of this part which are presently, or are…
   • § 52518 Notwithstanding the provisions of Section 711 of the Civil Code, the agency shall not permit the assumption of the obligation under any note or mortgage…
   • § 52519 The agency may renegotiate, refinance, foreclose, or contract for the foreclosure of any mortgage executed pursuant to Section 52514 which is in default, and…
3. CHAPTER 3. First-Time Home Buyers Bond Act of 1982 §§ 52525–52533 · 11 sections

   • § 52525 This chapter shall be known and may be cited as the First-Time Home Buyers Bond Act of 1982.
   • § 52526 The State General Obligation Bond Law is adopted for the purpose of the issuance, sale and repayment of, and otherwise providing with respect to, the bonds…
   • § 52527 The First-Time Home Buyers Finance Committee is hereby created. The committee shall consist of the Governor, the Controller, the Treasurer, the Director of…
   • § 52528 The committee is hereby authorized and empowered to create a debt or debts, liability or liabilities, of the State of California, in the aggregate of fifteen…
   • § 52529 The committee, upon the request of the board stating the purposes for which the bonds are proposed to be used and the amount of the proposed issuance, shall…
   • § 52529.5 Notwithstanding the provisions of Chapter 4 (commencing with Section 16720) of Part 3 of Division 4 of Title 2 of the Government Code, the policy committee…
   • § 52530 All bonds herein authorized, which shall have been duly sold and delivered as herein provided, shall constitute valid and legally binding general obligations…
   • § 52531 There is hereby appropriated from the General Fund in the State Treasury for the purpose of this chapter such an amount as will equal the following: (a) Such…
   • § 52532 For the purpose of carrying out the provisions of this chapter, the Director of Finance may by executive order authorize the withdrawal from the General Fund…
   • § 52532.5 Notwithstanding any other provision of this bond act, or of the State General Obligation Bond Law (Chapter 4 (commencing with Section 16720) of Part 3 of…
   • § 52533 Money in the First-Time Home Buyers Fund may only be expended for projects specified in this chapter.
4. CHAPTER 4. Repeal §§ 52533.5–52533.6 · 2 sections

   • § 52533.5 Notwithstanding any other provision of law, the agency shall have no authority to make mortgages or to incur debt pursuant to this part after the date of the…
   • § 52533.6 This part shall remain in effect only until the Director of Finance certifies, in writing, to the Secretary of State that all mortgages made, and all debts…