ARTICLE 3.1. Veterans’ Farm and Home Purchase Act of 1974

Heading of Article 3.1 amended by Stats. 1979, Ch. 121.

§§ 987.50–987.93 · 52 sections

§ 987.50 This article may be cited as the Veterans’ Farm and Home Purchase Act of 1974, also known as the CalVet Home Loan Program.
§ 987.51 The object of this article is to provide veterans with the opportunity to acquire farms and homes.
§ 987.52 The provisions of this article are applicable, and the benefits conferred thereby are available, to: (a) Any veteran as defined in Section 980; (b) Any person…
§ 987.53 As used in this article: (a) “Farm” means a tract of land, which, in the opinion of the department, is capable of producing sufficient income to provide…
§ 987.54 The administration of the provisions of this article is vested solely in the Department of Veterans Affairs.
§ 987.55 The department shall adopt rules and regulations in keeping with the purpose of this article to establish preferences in the granting of benefits conferred by…
§ 987.56 (a) The department shall prescribe and determine the eligibility and qualifications of all veterans. Any person deeming themselves a veteran and desiring to…
§ 987.566 Whenever applications exceed the amount of funds available in any one or more of the available funding categories, the department may establish a date for each…
§ 987.57 (a) The department shall require that all applicants under this article qualify under applicable federal laws and regulations governing the permitted uses of…
§ 987.58 (a) If a veteran dies after filing an application for purchase of a farm or a home, and the veteran’s eligibility and qualifications are subsequently approved,…
§ 987.59 (a) When a veteran has been authorized by the department to select a farm or home, the veteran shall submit that selection for approval, as the department…
§ 987.60 The department may acquire the farm or home, or may provide financing so that a veteran may acquire the farm or home, from its owner or may contract with a…
§ 987.601 (a) For purposes of the construction of a dwelling house or other improvements for a farm or home or the acquisition of a farm or home for an Indian veteran…
§ 987.602 (a) Subject to the conditions and limitations specified in Section 987.603, the department may acquire an Indian veteran’s leasehold interest in tribal trust…
§ 987.603 The department may acquire an assignment of an Indian veteran’s beneficial interest in trust land held by the United States for that veteran or a leasehold…
§ 987.62 (a) The department, after consummating a purchase transaction under the provisions of this article and the veteran having occupied the property as required by…
§ 987.63 Notwithstanding other provisions of this article relating to the occupancy, leasing, letting, or subletting of a farm or home acquired pursuant to this…
§ 987.64 In the event of any conflict or difference between any provision of this article and the federal Mortgage Subsidy Bond Tax Act of 1980 (P.L. 96-499; 94 Stat.…
§ 987.65 (a) The purchase price of a home, or the sum to be expended by the department pursuant to a contract for the construction of a dwelling house and other…
§ 987.655 For a mobilehome which is to be sited in a mobilehome park as defined in Section 18214 of the Health and Safety Code, the department shall charge a rate of…
§ 987.656 A mobilehome which is purchased under this act shall not be moved from its original site to any other location, without first obtaining prior authorization…
§ 987.67 Except as set forth in regulations adopted by the department pursuant to Section 987.93 with respect to cooperative dwelling units in lieu of, or in addition…
§ 987.68 The department, before consummating a purchase under the provisions of this article, shall cause the title of the property sought to be purchased to be…
§ 987.69 (a) The department shall then enter into a contract with the veteran for the sale of the property to the veteran. The department shall fix the selling price of…
§ 987.71 (a) The purchaser shall make an initial payment of at least 2 percent of the selling price of the property or a higher amount that shall be determined based…
§ 987.72 The provisions of Section 987.71, relative to the rate of interest to be charged to veteran purchasers do not apply to assignees of such purchasers who are not…
§ 987.721 (a) Notwithstanding Section 987.72, upon the dissolution of marriage or legal separation of a veteran contract purchaser and the veteran’s spouse, an…
§ 987.73 (a) Except as provided in subdivision (b), the department in each individual case may specify the terms of the contract entered into with the purchaser, but no…
§ 987.74 (a) (1) All properties purchased by the department shall be covered by insurance. Except as set forth in regulations adopted by the department pursuant to…
§ 987.75 (a) If the purchaser or, if applicable, the related stock corporation, fails or neglects to pay, satisfy, and discharge at maturity all taxes and assessments,…
§ 987.76 Notwithstanding Section 6157 of the Government Code, the department shall be the sole judge of all of the following: (a) The legality or validity of taxes,…
§ 987.77 If a purchaser fails to comply with any of the terms of their contract of purchase, the department may cancel the contract, and be released from all…
§ 987.775 Whenever the department proceeds under Section 987.77 to declare a forfeiture and to retain all payments made under the forfeited contract as rental paid for…
§ 987.78 (a) In the event of a forfeiture of a contract of purchase under this article, the department may sell or otherwise dispose of the property covered by the…
§ 987.785 Except as set forth in regulations adopted by the department pursuant to Section 987.93 with respect to a cooperative dwelling unit, whenever the department…
§ 987.79 (a) Except as otherwise provided in subdivision (b), the department may, in the contract of purchase with a veteran, provide that, in the event of default by…
§ 987.80 (a) The department may insure and keep insured against fire or other hazards all buildings, fences, other permanent improvements, or crops situated upon any…
§ 987.81 If illness or accident prevents a purchaser of a farm from cultivating his farm or harvesting any crop, the department may enter and cultivate the farm or…
§ 987.82 When a purchaser dies, indebted to the department under contract of purchase, his rights acquired under this article and such contract shall devolve upon his…
§ 987.83 For the purposes of carrying out the Veterans’ Farm and Home Purchase Act of 1974 the Director of Finance may by executive order authorize the withdrawal from…
§ 987.84 Except as may otherwise be permitted by the department pursuant to regulations adopted by the department pursuant to Section 987.93, the right to declare a…
§ 987.85 (a) The department shall not acquire a home in which the veteran has an interest of record except in the following instances: (1) Where the application is for…
§ 987.86 (a) Any veteran for whom a farm or home is purchased under this article may be granted a subsequent opportunity to purchase another farm or home when the farm…
§ 987.87 (a) The department shall establish the actual interest rate to be paid. To this end, the department, within 60 days of receipt of the survey of the financial…
§ 987.875 Notwithstanding Section 987.87 or any other provision of law, the department shall report to the California Veterans Board and the Veterans’ Finance Committee…
§ 987.88 (a) In the event the department enters into a master agreement with one or more insurance companies to provide life or disability insurance coverage for the…
§ 987.881 The insurance company or companies may provide life and disability insurance pursuant to Section 987.88 by one or more separate accounts.
§ 987.89 The action of a veteran purchaser for damages against any third party does not affect his right of action for all damages against any party other than the…
§ 987.90 For the purposes of carrying out the provisions of the Veterans’ Farm and Home Purchase Act of 1974, there is hereby appropriated, and the department is hereby…
§ 987.91 Pursuant to the provisions of Section 987.90, the Department of Veterans Affairs is authorized to issue to lenders or investors supplying funds for the program…
§ 987.92 Notwithstanding other provisions of this article relating to maximum sums to be expended by the department and maximum purchase price, the department may…
§ 987.93 The department may adopt regulations necessary to implement this article for cooperative dwelling units that are consistent with the objectives and purposes of… see note