reglab/statecodes huggingface dataset:
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 3 - Financial Provisions › Section 51002.

51002. Subject to any agreements with holders of particular bonds, revenue derived pursuant to this part from property improvement loans and mortgage loans shall be deposited in a special account, which shall be used exclusively for the amortization of debt and the protection of the underlying security, until current debt service and reserves are funded.
(Amended by Stats. 1979, Ch. 1207.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 3 - Financial Provisions › Section 51003.

51003. The agency shall, from time to time, direct the Treasurer to invest moneys in the fund which are not required for its current needs, including proceeds from the sale of any bonds, in any eligible securities specified in Section 16430 of the Government Code which the agency shall designate. The agency may direct the Treasurer to invest the moneys by entering into repurchase agreements or reverse repurchase agreements, which, for purposes of this section, shall mean agreements for the purchase or sale of eligible securities pursuant to which the seller or buyer agrees to repurchase or sell back the securities on or before a specified date and for a specified amount. The agency may direct the Treasurer to invest the moneys in investment agreements with corporations, financial institutions, or national associations within the United States which are rated by a nationally recognized rating service within the top three ratings of the service. For purposes of this section, investment agreements shall mean any agreement for the investment of moneys in the fund whether at fixed or variable interest rates, and may include, but not be limited to, repurchase agreements, notes, uncollateralized time deposits and certificates of deposit. The agency may direct the Treasurer to deposit moneys in interest-bearing accounts in state or national banks or other financial institutions having principal offices in this state.
Subject to any agreement with holders of particular bonds, in furtherance of the provisions of Section 51373, and to the extent permitted by law, the agency may also invest moneys of the fund in obligations or financial institutions as are permitted by board resolution. The agency may alternatively require the transfer of moneys in the fund to the Surplus Money Investment Fund for investment pursuant to Article 4 (commencing with Section 16470) of Chapter 3 of Part 2 of Division 4 of Title 2 of the Government Code.
All interest or other increment resulting from such investment or deposit shall be deposited in the fund, notwithstanding Section 16305.7 of the Government Code. Moneys in the fund shall not be subject to transfer to any other fund pursuant to any provision of Part 2 (commencing with Section 16300) of Division 4 of Title 2 of the Government Code, excepting the Surplus Money Investment Fund.
(Amended by Stats. 1987, Ch. 1034, Sec. 22.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 3 - Financial Provisions › Section 51004.

51004. The agency may utilize moneys which may be appropriated to the fund from time to time by the Legislature for effectuating its purposes, including, but not limited to, the establishment of reserves or contingency funds to be available for payments on the principal, interest, redemption premium, and sinking funds of any bonds of the agency and the direct payment of principal, interest, redemption premium, and sinking funds on the bonds of the agency.
(Amended by Stats. 1987, Ch. 1034, Sec. 23.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 3 - Financial Provisions › Section 51004.5.

51004.5. On or before May 1 of each year, commencing in 1980, the agency shall submit to the Legislature and the Governor, an annual plan for using its revenue bonding authority for the succeeding fiscal year consistent with meeting the legislative goals and requirements for the agency, including requirements relating to units made available in each of its programs or proposed programs for low and very low income households, the allocations between elderly and family households, and requirements relating to units for new construction and substantial rehabilitation. The agency shall review and update each annual plan on a quarterly basis. The agency’s ability to implement the plan shall be reported in the annual report required by Section 51005.
(Added by Stats. 1979, Ch. 960.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 3 - Financial Provisions › Section 51006.

51006. The executive director of the agency shall immediately certify in writing to the Joint Legislative Audit Committee, the Joint Legislative Budget Committee, the Speaker of the Assembly, the Senate Rules Committee, and the Governor, if the agency is notified by the trustee in writing that moneys of the agency will not be sufficient to meet principal payments, sinking fund payments, and interest payments on bonds authorized under this part and to restore and maintain necessary bond reserve funds. However, certification pursuant to this section need not be made unless this insufficiency will result in an event of default under the respective bond resolution authorizing the bonds.
(Amended by Stats. 1987, Ch. 1034, Sec. 25.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 3 - Financial Provisions › Section 51007.

51007. Subject to any agreements with holders of particular bonds, all moneys available for carrying out the purposes of this part and declared by the agency to be surplus moneys which are not required to service or retire bonds issued on behalf of the agency, pay administrative expenses of the agency, accumulate necessary operating or loss reserves, or repay loans to the agency from the General Fund shall be used by the agency, with respect to existing housing developments, to provide special interest reduction programs, financial assistance for housing developments or subsidies for occupants or owners thereof, or counseling programs, as authorized by this division.
(Added by Stats. 1977, Ch. 610.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 4 - General Powers › Section 51050.1.

51050.1. The agency may make loans to finance affordable housing, including residential structures, housing developments, multifamily rental housing, special needs housing, and other forms of housing permitted by this part.
(Added by Stats. 2006, Ch. 748, Sec. 3. Effective January 1, 2007.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 4 - General Powers › Section 51051.

51051. The agency shall be a state representative for purposes of receiving and allocating financial aid and contributions from agencies of the federal government which are provided to the state or to the agency for the purpose of subsidizing housing for persons and families of low or moderate income and may utilize federal subsidies available to it in providing housing for persons and families of low or moderate income or for exercising any other of its powers. The agency shall have priority among all other units of state government for receipt of federal housing subsidies to the extent units financed under this part are eligible for such assistance.
(Added by Stats. 1977, Ch. 610.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 4 - General Powers › Section 51053.

51053. The agency may make and execute contracts with qualified mortgage lenders for the initiation or servicing of mortgage loans, construction loans, property improvement loans, or development loans made or acquired by the agency pursuant to this part or for other services rendered to the agency. The agency may pay the reasonable value of services rendered to the agency pursuant to such contracts.
(Amended by Stats. 1979, Ch. 1207.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 4 - General Powers › Section 51054.

51054. The agency may make or undertake commitments to make development loans, construction loans, mortgage loans, and property improvement loans to housing sponsors to finance housing developments, as provided in Chapter 5 (commencing with Section 51100) of this part.
The agency may, in conjunction with a construction loan, set aside a reserve to provide improvement security required under subdivision (c) of Section 66462 and Chapter 5 (commencing with Section 66499) of Division 2 of Title 7 of the Government Code, which shall be in lieu of improvement security otherwise required by such provisions.
(Amended by Stats. 1979, Ch. 1207.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 4 - General Powers › Section 51055.

51055. The agency may purchase and sell construction loans, mortgage loans, property improvement loans, obligations secured by these loans, insurance on these loans, and participation therein.
(Amended by Stats. 1987, Ch. 1034, Sec. 27.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 4 - General Powers › Section 51056.

51056. Construction loans, mortgage loans, and property improvement loans made, purchased, assigned or serving as security for obligations or participations pursuant to this part shall be limited as to charges, interest, maximum loan amount, which shall be consistent with the purposes of this part.
(Amended by Stats. 1979, Ch. 1207.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 4 - General Powers › Section 51058.

51058. (a)  The agency may renegotiate, refinance, foreclose, or contract for the foreclosure of, any mortgage in default and may waive any default or consent to the modification of the terms of any mortgage. With respect to housing developments, the agency shall require that mortgage servicing and foreclosure practices, including forbearance and recasting of mortgages in default, conform to agency policies or resolutions.
(b)  The agency may commence any action to protect or enforce any right conferred upon it by any law, mortgage, contract, or other agreement and may bid for and purchase property sold in satisfaction thereof at any foreclosure or other sale or may otherwise acquire and take possession of that property. Subject to any agreement with bondholders, the agency may operate, manage, lease, dispose of, and otherwise deal with that property in such manner as may be necessary to protect the interest of the agency and the holders of its bonds.
(Amended by Stats. 1997, Ch. 580, Sec. 27. Effective January 1, 1998.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 4 - General Powers › Section 51058.5.

51058.5. Notwithstanding any other provision of law, the agency is not required to promulgate rules and regulations in order to establish or operate a mortgage refinance program. Instead, that program may be established by the governing board of the agency through resolutions adopted by that board, and operated by the agency in accordance with resolutions adopted by the board. Those resolutions shall be exempt from the requirements of the Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code).
(Amended by Stats. 2011, Ch. 296, Sec. 168. (AB 1023) Effective January 1, 2012.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 4 - General Powers › Section 51059.

51059. The agency may procure insurance or coinsurance or guarantees from the federal government or from any governmental agency or instrumentality thereof, or from any private insurance company, of the payment of principal, redemption price of, and interest on any bonds issued by the agency. The agency may pay premiums on any such insurance.
(Added by Stats. 1977, Ch. 610.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 4 - General Powers › Section 51060.

51060. The agency may, for services performed, charge and collect from housing sponsors and qualified mortgage lenders such fees and charges for the purpose of defraying administrative and other expenses as the agency may establish from time to time for its lending and mortgage-purchase programs.
(Added by Stats. 1977, Ch. 610.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 4 - General Powers › Section 51061.

51061. The agency may sell or convey real property owned by the agency to persons and families of low or moderate income, nonprofit housing sponsors, and local public entities. Such sale or conveyance may be without consideration if the agency received the property upon condition that it be so conveyed or sold and if such sale or conveyance will inure primarily to the benefit of persons and families of low or moderate income living in a housing development.
(Added by Stats. 1977, Ch. 610.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 4 - General Powers › Section 51062.

51062. The agency shall establish criteria for housing sponsors and qualified mortgage lenders, which shall be designed to assure the financial integrity of programs authorized by this division and which shall provide for effective implementation of the policies and purposes set forth in this part. The criteria shall take into account the differences between private and public institutions qualifying as housing sponsors and qualified mortgage lenders.
(Added by Stats. 1977, Ch. 610.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 4 - General Powers › Section 51063.

51063. Relocation payments shall be made to persons and families of low or moderate income who are residents displaced because of temporary or permanent displacement for rehabilitation work assisted under this part, or rent increases resulting from rehabilitation, pursuant to the Uniform Relocation and Real Property Acquisition Policies Act of 1970 (42 U.S.C., Sec. 4601) or Chapter 16 (commencing with Section 7260) of Division 7 of Title 1 of the Government Code. Notwithstanding the provisions of this section, middle-income families who decide against occupying the rehabilitated housing shall not continue to receive relocation payments.
The agency shall also insure that the relocation payments and the relocation advisory assistance specified therein shall be provided. Pursuant to the provisions of this section, the agency shall insure relocation payments are provided to persons and families involuntarily displaced in making a site or structure available for rehabilitation or construction financed under this part, or in the alternative may require the housing sponsor receiving a loan commitment pursuant to this part to make such payments and provide such assistance, whether such displacement has occurred in anticipation of the loan commitment or will occur subsequent thereto.
For purposes of this section, displacement includes relocation occurring because of a qualified person or family’s inability to pay increased rentals resulting from rehabilitation, or involuntary temporary or permanent displacement of a qualified person or family to allow rehabilitation work to be done.
(Amended by Stats. 1979, Ch. 96.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 4 - General Powers › Section 51064.

51064. The agency shall establish maximum sale prices for the initial sale of residential structures, the acquisition, construction, or rehabilitation of which is financed by the agency in anticipation of sale to persons and families of low or moderate income. The agency shall also establish a price for any residential structure whenever the buyer of such residential structure receives a mortgage loan from the agency. The maximum sale prices established by the agency pursuant to this section may provide a reasonable profit to the seller while serving the purposes of this division.
(Amended by Stats. 1982, Ch. 1452, Sec. 10. Effective September 27, 1982. Operative January 1, 1983, by Sec. 16 of Ch. 1452.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 4 - General Powers › Section 51065.

51065. The agency may make grants to nonprofit housing sponsors and local public entities to meet expenses incurred in planning, constructing, rehabilitating, or managing housing developments. The agency may make grants to housing sponsors for the purpose of lowering the rents on some or all of the units within a housing development. Grants authorized by this section shall not be made with proceeds from the sale of bonds.
(Amended by Stats. 1979, Ch. 96.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 4 - General Powers › Section 51065.1.

51065.1. The agency may make grants to buyers of residential structures combined with first mortgage loans financed by the agency to be used in conjunction with the FHA Energy Efficient Mortgage Program, for the purpose of making repairs or improvements to increase energy efficiency in the home. Grants authorized by this section shall not be made with proceeds from the sale of bonds. Any such grant, and any costs directly associated with it, shall be funded through revenues realized by the agency from the grantee’s first mortgage loan, or securities backed by it, except that the agency may provide short-term interim funding of the grant to facilitate the transaction.
(Added by Stats. 2013, Ch. 82, Sec. 3. (AB 984) Effective August 12, 2013.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 4 - General Powers › Section 51065.5.

51065.5. The agency may make unsecured loans or loans secured by assets other than real property to local public entities. The loans may be funded by the proceeds of bonds or other agency funds to assist local public entities in providing or making affordable housing available to low- or moderate-income persons or families.
(Added by Stats. 2003, Ch. 193, Sec. 1. Effective January 1, 2004.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 4 - General Powers › Section 51066.

51066. For housing developments financed by a mortgage loan from the agency, the agency shall establish a grievance procedure or require housing sponsors to establish a grievance procedure, or both, for the purpose of resolving complaints by housing sponsors and tenants of housing sponsors and contractual disputes between two or more housing sponsors or between a housing sponsor and a tenant of the housing sponsor. Notwithstanding any other provision of law, no individual or family shall be evicted from a housing development unless the following requirements are met:
(a)  The eviction is for good cause as defined by rules and regulations of the agency.
(b)  Eviction proceedings shall be commenced by the giving of notice as required by Section 1946 of the Civil Code or Section 1161 or 1161a of the Code of Civil Procedure and served as provided by Section 1162 of the Code of Civil Procedure. The notice shall contain a statement of the cause for eviction and of the right of the tenant to a hearing and decision pursuant to regulations of the agency if a request for such a hearing is made to the landlord in writing within the period specified in Section 1946 of the Civil Code or Section 1161 of the Code of Civil Procedure, as the case may be.
(c)  When the tenant so requests the landlord in writing within the period specified in Section 1946 of the Civil Code or Section 1161 of the Code of Civil Procedure, as the case may be, a hearing, in accordance with procedures established pursuant to regulations of the agency, shall be held by an impartial individual or panel selected or approved by the agency and a decision rendered within two weeks after receipt by the landlord of the tenant’s written request for a hearing. Good cause for eviction shall be established at the hearing by the weight of the evidence. Before a right to a hearing vests, the tenant shall pay rent for the two-week hearing period to the owner or to an escrow account of the agency, if not already paid.
A defendant in an unlawful detainer proceeding may assert as a defense the failure of the plaintiff or the agency to comply with the requirements of this section or regulations adopted pursuant to this section. A defendant in an unlawful detainer proceeding may assert as a defense that the findings at the hearing were not supported by the weight of evidence.
The costs of any hearing conducted pursuant to this section shall be assessed to, and paid by, the losing party as provided in regulations of the agency. If neither party prevails, the costs of the hearing shall be equitably apportioned.
As used in this section, “tenant” includes a resident shareholder of a cooperative housing development. Nothing in this section shall be construed as a limitation of the rights of a resident shareholder of a cooperative housing development.
(Amended by Stats. 1987, Ch. 1034, Sec. 29.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 4 - General Powers › Section 51067.

51067. The agency shall adopt standards for the admission of tenants, termination of tenancies, and eligibility of purchasers of housing financed under this part as well as standards establishing maximum percentages of income which a tenant or purchaser may allocate to housing costs, which shall provide consideration for proven ability in individual cases to pay what would otherwise be an unusually high percentage of income for housing costs.
(Added by Stats. 1977, Ch. 610.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 4 - General Powers › Section 51068.

51068. (a)  Except as otherwise provided in subdivision (b) and notwithstanding the provisions of Sections 711, 711.5, and 1916.5 of the Civil Code, the agency shall not permit assumption of the obligation of any mortgage loan made pursuant to Chapter 5 (commencing with Section 51100) by a subsequent ineligible purchaser or transferee of the prior borrower. If the subsequent purchaser or transferee does not meet the agency’s eligibility requirements, the agency shall require acceleration of repayment of the principal balance of the loan to be all due and payable upon the sale or transfer of the property.
(b)  With respect to mortgage loans made prior to July 1, 1979, the agency may waive the requirements of subdivision (a) when necessary to permit participation in mortgage insurance, guarantee, or purchase programs, or when the provisions of subdivision (a) would interfere with the financial structuring or the administration of any bond financing program.
(c)  The requirements of subdivision (a) may be waived pursuant to subdivision (b) with respect to any mortgage loan made on or after July 1, 1979, only if the loan is federally assisted or insured and the waiver is necessary to obtain the federal assistance or insurance. As a condition to authorizing assumption of a mortgage loan pursuant to this subdivision, the agency shall recast the repayment schedule for the remainder of the term of the loan by increasing the interest to the current market rate at the time of assumption, or to any lower rate of interest which is the maximum allowed by an entity that provided any insurance or other assistance with respect to which a waiver was granted pursuant to this subdivision. Any additional increment of interest produced by increasing the rate of interest upon a mortgage loan pursuant to this subdivision shall be transmitted or forwarded to the agency for deposit in the California Housing Finance Fund.
(d)  The agency may also waive the requirements of subdivision (a) if it determines that its application would result in undue hardship, that the failure to meet the agency’s eligibility requirements resulted from circumstances beyond the mortgagor’s control, and if the waiver is for a limited period of time as specified by the agency.
(e)  The agency shall implement appropriate measures to assure compliance with this section.
(f)  This section applies to all mortgage loans made by the agency pursuant to Chapter 5 (commencing with Section 51100), whether directly or through a qualified mortgage lender, and including mortgage loans made prior to September 22, 1979.
(Added by renumbering Section 51068.5 by Stats. 1987, Ch. 1034, Sec. 31.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 4 - General Powers › Section 51069.

51069. The agency, after approving an application for mutual self-help housing, may make development loans and construction loans for land acquisition and development costs to eligible housing sponsors on terms and conditions and in amounts as it deems necessary to accomplish the purposes of this part. These development loans and construction loans may be interest free if sufficient surplus funds exist for that purpose and the loans can be made without jeopardizing the financial self-sufficiency of the agency or the adequacy of its reserves. Land acquired and housing developments financed pursuant to this section shall be sold or conveyed to eligible housing sponsors or for the purpose of developing other mutual self-help housing.
In making loans pursuant to this section, the agency, as an alternative to disbursing the loans directly to eligible housing sponsors or persons and families of low or moderate income, may establish procedures retaining the loans or portions thereof, and disburse those amounts directly to the person or entity performing a service, or providing goods, material, land or improvements.
(Amended by Stats. 1987, Ch. 1034, Sec. 32.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 4 - General Powers › Section 51070.

51070. The agency shall require that qualified mortgage lenders do not substitute funds made available under this part for the lenders’ own resources, without permission of the agency. Qualified mortgage lenders may provide financing under this part until the agency makes a finding that the lender is in violation of this section or decertifies the lender pursuant to Section 50094.
(Amended by Stats. 1987, Ch. 1034, Sec. 33.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 5 - Financing of Housing Developments and Residential Structures › ARTICLE 1 - Loans for Housing Developments › Section 51100.

51100. Subject to the limitations prescribed by Article 4 (commencing with Section 51175), the agency may make, or undertake commitments to make, development loans, construction loans, property improvement loans, mortgage loans, and advances in anticipation of such loans to housing sponsors to finance housing developments and residential structures.
The agency shall not issue more than two hundred million dollars ($200,000,000) of its authorized revenue bond authority in aggregate principal amount of bonds in any one calendar year to finance, directly or indirectly, construction loans for which the agency is not providing a mortgage loan, exclusive of bonds issued to refund or renew bonds of the agency previously issued for those purposes.
(Amended by Stats. 1981, Ch. 1031.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 5 - Financing of Housing Developments and Residential Structures › ARTICLE 1 - Loans for Housing Developments › Section 51101.

51101. The agency may make and publish rules and regulations respecting the making of development loans, construction loans, property improvement loans, and mortgage loans pursuant to this part, the terms and conditions upon which such loans may be made to housing sponsors, the admission of tenants to a housing development, the inclusion of nonhousing facilities in housing developments, the construction of nonhousing facilities, and supervision of housing sponsors, including housing sponsors owning and occupying a housing development.
(Amended by Stats. 2008, Ch. 281, Sec. 4. Effective September 25, 2008.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 5 - Financing of Housing Developments and Residential Structures › ARTICLE 1 - Loans for Housing Developments › Section 51102.

51102. The agency shall enter into regulatory contracts and other agreements with housing sponsors receiving loans under the provisions of this part.
(Added by Stats. 1977, Ch. 610.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 5 - Financing of Housing Developments and Residential Structures › ARTICLE 1 - Loans for Housing Developments › Section 51103.

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), Article 2 (commencing with Section 51125), Article 3 (commencing with Section 51150), and Article 4 (commencing with Section 51175), the agency shall take adequate measures to assure (a) the economic feasibility of the housing development, (b) the financial eligibility of the housing sponsors and tenants, (c) the consistency of the proposed housing developement with the current housing objectives of the agency, (d) the sufficiency of access of the housing development to supporting social services, public mass transit services and other transportation, schools, employment, and retail merchants, and (e) that the location of the proposed housing development is consistent with the agency’s policies of dispersing housing developments throughout communities and of avoiding undue concentration of lower income households. Wherever possible, the agency shall verify these facts before financing is committed.
In providing for dispersal of housing developments, the agency shall consider economic feasibility, which shall be determined in light of all relevant factors, including the assistance programs and funds which could be utilized to reduce costs. Nothing in this section shall prohibit the agency from financing housing developments in neighborhood preservation areas in a manner that would otherwise be in conflict with the agency’s policies respecting dispersal of housing developments or concentration of lower income households, where necessary to accomplish the purposes for which financing or loan insurance is made available by the agency in the area.
(Added by Stats. 1987, Ch. 1034, Sec. 34.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 5 - Financing of Housing Developments and Residential Structures › ARTICLE 1 - Loans for Housing Developments › Section 51104.

51104. Notwithstanding any other provisions of this part, only the following types of housing developments and residential structures are eligible for mortgage loans made with the proceeds of bonds:
(a)  Housing developments and residential structures financed with bonds of the agency guaranteed by the federal government.
(b)  Housing developments and residential structures financed with bonds of the agency that are guaranteed, or the time payment of principal and interest of which is insured, by an agency of the state or by a private insuring entity authorized to engage in that business.
(c)  Housing developments and residential structures, the mortgage loans on which presently are or are expected to be guaranteed, insured, or coinsured by the federal government.
(d)  Housing developments and residential structures, the bonds or mortgage loans on which are presently, or are expected to be, insured or guaranteed in whole or in part by an agency of the state, including the California Housing Finance Agency, a political subdivision of the state, or by a private insuring entity authorized to engage in that business, or by any combination thereof, in percentages determined by the agency.
(e)  Housing developments and residential structures financed by a loan made by the agency to a qualified mortgage lender, if both of the following conditions are met:
(1)  The loan to the qualified mortgage lender is a general obligation of the mortgage lender.
(2)  The qualified mortgage lender is a member of, or a subsidiary of a member of, the Federal Deposit Insurance Corporation or of the Federal Savings and Loan Insurance Corporation.
(f)  Housing developments and residential structures financed by tax-exempt bonds for which a bond reserve fund is created which complies with the terms and conditions of the agreement or agreements with agency bondholders.
(Added by renumbering Section 51351 by Stats. 1987, Ch. 1034, Sec. 43.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 5 - Financing of Housing Developments and Residential Structures › ARTICLE 2 - Loans Through Intermediary Lenders and Mortgage Purchase and Sale › Section 51125.

51125. The agency may invest in, purchase, or make commitments to purchase, and take assignments from qualified mortgage lenders of, construction loans, mortgage loans, property improvement loans, obligations secured by construction loans, mortgage loans, property improvement loans and participations therein for financing or refinancing of housing developments and residential structures.
The agency may also invest in, purchase, or make commitments to purchase, and take assignments from qualified mortgage lenders of, loans for rehabilitation or home improvements not secured by a mortgage but wholly or partially insured by an agency or instrumentality of the United States, or participation in such loans.
Such construction loans, mortgage loans, property improvement loans, obligations secured by construction loans, property improvement loans or mortgage loans, rehabilitation and home improvement loans, or participations therein may be held or sold by the agency, or the agency may create pools of such loans, obligations, and participations held by the agency and may sell securities backed by such pools.
(Amended by Stats. 1981, Ch. 1031.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 5 - Financing of Housing Developments and Residential Structures › ARTICLE 2 - Loans Through Intermediary Lenders and Mortgage Purchase and Sale › Section 51126.

51126. The agency may invest in, purchase, or make commitments to purchase any residential mortgage or any obligation secured by a residential mortgage or participation therein, and sell such obligations, residential mortgages, or participations or create pools of such obligations, residential mortgages, or participations held by the agency and issue and sell securities backed by such pools. The agency shall require the seller of such obligations, residential mortgages, or participations purchased by the agency to use the proceeds for the purpose of financing housing developments and residential structures.
(Amended by Stats. 1981, Ch. 1031.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 5 - Financing of Housing Developments and Residential Structures › ARTICLE 2 - Loans Through Intermediary Lenders and Mortgage Purchase and Sale › Section 51127.

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 of increasing its acceptability or value for sale or as security for other obligations. The agency may also insure or guarantee any loan, or participation in a loan, for rehabilitation or home improvement which is insured by an agency or instrumentality of the United States and which is held by the agency. Nothing in this section shall, however, be construed as authorizing the creation of a debt or liability of the state within the meaning of Section 1 of Article XVI of the State Constitution.
(Amended by Stats. 1987, Ch. 1034, Sec. 35.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 5 - Financing of Housing Developments and Residential Structures › ARTICLE 2 - Loans Through Intermediary Lenders and Mortgage Purchase and Sale › Section 51128.

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 or through a contract with a private marketing intermediary.
(Added by Stats. 1977, Ch. 610.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 5 - Financing of Housing Developments and Residential Structures › ARTICLE 3 - Loans to Qualified Mortgage Lenders › Section 51150.

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 purpose of making construction loans and mortgage loans for the purpose of financing housing developments and residential structures.
(Amended by Stats. 1981, Ch. 1031.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 5 - Financing of Housing Developments and Residential Structures › ARTICLE 3 - Loans to Qualified Mortgage Lenders › Section 51151.

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 available for the same type of loan made under the provisions of Article 1 (commencing with Section 51100), Article 2 (commencing with Section 51125) or Article 4 (commencing with Section 51175) of this chapter.
(Added by Stats. 1977, Ch. 610.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 5 - Financing of Housing Developments and Residential Structures › ARTICLE 3 - Loans to Qualified Mortgage Lenders › Section 51152.

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 mortgage lender. The agreements shall include the following:
(a)  A maximum interest rate that can be charged for construction loans or mortgage loans.
(b)  A specification of the requirements of loans authorized by this part.
(c)  Standards for mortgage servicing and foreclosure practices, including programs of forbearance and recasting for mortgages in default.
(Amended by Stats. 1987, Ch. 1034, Sec. 36.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 5 - Financing of Housing Developments and Residential Structures › ARTICLE 3 - Loans to Qualified Mortgage Lenders › Section 51153.

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 and may acquire or take possession of such collateral and sell the same at public or private sale, with or without public bidding, and otherwise deal with such collateral as may be necessary to protect the interest of the agency therein. The exercise of the powers specified in this subdivision shall be subject to any agreements with bondholders.
With respect to deposit of moneys in the fund pursuant to this section, the agency may require that any collateral provided on account thereof be lodged with a financial institution or trust company located in the state designated by the agency as custodian therefor. In the absence of such requirement the financial institution shall, if collateral is to be provided for the loan or securities purchased, upon receipt of the proceeds from the agency, enter into an agreement with the agency containing such provisions as the agency shall deem necessary to adequately identify and maintain such collateral and service the same and shall provide that such financial institution shall hold such collateral as an agent for the agency and shall be held accountable as the trustee of an express trust for the application and disposition thereof and the income therefrom solely to the uses and purposes in accordance with the provisions of such agreement. A copy of each such agreement and any revisions or supplements thereto shall be filed with the Secretary of State and no further filing or other action under the California Uniform Commercial Code or any other law of the state shall be required to perfect the security interest of the agency in such collateral or any additions thereto or substitutions therefor, and the lien and trust for the benefit of the agency so created shall be binding from and after the time made against all parties having claims of any kind in tort, contract, or otherwise against such financial institution.
(Added by Stats. 1977, Ch. 610.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 5 - Financing of Housing Developments and Residential Structures › ARTICLE 4 - Lender of Last Resort › Section 51175.

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 residential structures unless those loans are made through a qualified mortgage lender.
(Amended by Stats. 2013, Ch. 82, Sec. 4. (AB 984) Effective August 12, 2013.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 5 - Financing of Housing Developments and Residential Structures › ARTICLE 4 - Lender of Last Resort › Section 51176.

51176. In rural mortgage areas the agency may make and undertake commitments to make construction loans and mortgage loans to finance owner-occupied residential structures without the participation of a qualified mortgage lender if no qualified mortgage lender will participate in financing such residential structures as provided in Article 2 (commencing with Section 51125) or Article 3 (commencing with Section 51150) of this chapter, or if the board determines that the agency can initiate or service loans directly at less cost than through use of a qualified mortgage lender.
(Amended by Stats. 1981, Ch. 1031.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 5 - Financing of Housing Developments and Residential Structures › ARTICLE 4 - Lender of Last Resort › Section 51177.

51177. The agency may make and undertake commitments to make construction loans and mortgage loans to finance residential structures without the participation of a qualified mortgage lender where the income of the owner-occupant is no greater than 65 percent of the median income for the area in which the residential structure is located as determined by the United States Department of Housing and Urban Development or by the agency’s reference to current data of the U.S. Census Bureau. The income at 65 percent of median shall be based on a family of four with adjustments above and below such maximum to compensate for family size.
(Amended by Stats. 1982, Ch. 1452, Sec. 13. Effective September 27, 1982. Operative January 1, 1983, by Sec. 16 of Ch. 1452.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 5 - Financing of Housing Developments and Residential Structures › ARTICLE 4.5 - Subordinated Mortgage Loans › Section 51180.

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 from the agency for the purpose of making the development of housing feasible where it would not be feasible without such loan. No loan shall be made pursuant to this article unless it is secured by a second trust deed.
(b)  “Local agency” means a city, county, city and county, redevelopment agency, or housing authority.
(Added by Stats. 1982, Ch. 1448, Sec. 1.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 5 - Financing of Housing Developments and Residential Structures › ARTICLE 4.5 - Subordinated Mortgage Loans › Section 51181.

51181. The agency shall accept applications from housing sponsors for subordinated loans for rental housing developments upon which construction commences on or after January 1, 1983. Not less than 20 percent of the units in the rental housing development shall be made available on a priority basis to lower income households, as defined in Section 50079.5.
(Added by Stats. 1982, Ch. 1448, Sec. 1.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 3 - CALIFORNIA HOUSING FINANCE AGENCY › CHAPTER 5 - Financing of Housing Developments and Residential Structures › ARTICLE 4.5 - Subordinated Mortgage Loans › Section 51182.

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 interest payment of 3 percent to be made from the positive cash flows of the project before payment to any other equity investor or mortgage loan holder is made.
(b)  Repayment upon conversion or the term of the bond, whichever is less, to the state, including an interest payment of 3 percent.
(Added by Stats. 1982, Ch. 1448, Sec. 1.)