CHAPTER 5. Financing of Housing Developments and Residential Structures [51100. - 51252.]
Heading of Chapter 5 amended by Stats. 2000, Ch. 471, Sec. 21.
§§ 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…