CHAPTER 6. Loan Loss Guarantee Program

Chapter 6 added by Stats. 1993, Ch. 115, Sec. 4.

§§ 51680–51687 · 8 sections

• § 51680 The agency may administer a loan loss guarantee program in order to induce private lenders to make construction loans for seismic rehabilitation improvements…
• § 51681 (a) Except as provided in subdivision (b), the agency shall only issue rehabilitation loan loss guarantees on single-family homes or on buildings with five or…
• § 51683 The agency may issue a loan loss guarantee in the amount of 25 percent of the actual loss of a loan guaranteed under this section. The fund may not guarantee…
• § 51684 (a) The agency shall collect a premium for a loan loss guarantee as provided in Section 51657. All premiums shall be deposited in the Seismic Rehabilitation…
• § 51685 Moneys transferred to the insurance fund under this section may be used to create reserves for loan loss guarantees authorized by this chapter and for the…
• § 51685.5 (a) Notwithstanding any other provision of law, the California Housing Insurance Fund may borrow one million eight hundred thousand dollars ($1,800,000) from…
• § 51686 In addition to the powers expressly granted by this chapter, the agency shall have all the powers granted under this part in administering this program which…
• § 51687 This chapter shall be inoperative if moneys are not transferred to the fund pursuant to Section 51685.5 for the purposes defined in Section 51680.