CHAPTER 8.6. Foreclosure Intervention Housing Preservation Program
Chapter 8.6 added by Stats. 2021, Ch. 111, Sec. 23.
§§ 50720–50720.12 · 7 sections
- § 50720 The Foreclosure Intervention Housing Preservation Program is hereby created for the purpose of preserving affordable housing and promoting resident ownership…
- § 50720.2 (a) The Foreclosure Intervention Housing Preservation Program is hereby established. The department shall administer the program for the purpose of preserving…
- § 50720.4 As used in this chapter: (a) “Capitalized operating subsidy reserve” means funds that are set aside before a property is acquired pursuant to this chapter to…
- § 50720.6 (a) The department shall grant funds to one or more fund managers to implement the program until June 30, 2026, which shall include funds for all of the…
- § 50720.8 (a) A borrower or grantee that receives funds from a loan or grant made pursuant to the program shall only use the funds as follows: (1) To pay for property…
- § 50720.10 A loan made pursuant to the program may be partially or fully converted to a grant.
- § 50720.12 (a) The department shall adopt guidelines for the administration of the program. The guidelines shall comply with all of the following: (1) The guidelines…