reglab/statecodes huggingface dataset:
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 5 - LOCAL HOUSING FINANCE AGENCIES › CHAPTER 8 - Loans to Tax-Exempt Organizations › Section 52101.

52101. A city or county may issue bonds to provide funds to be loaned by the city or county to nonprofit organizations exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (26 U.S.C. Sec. 501(c)(3)), for use by the organization to finance the acquisition, construction, rehabilitation, refinancing, or development of multifamily rental housing, including mobilehome parks that are or will be nonprofit or cooperatively-owned, or both, in which residents rent spaces and either rent or own the mobilehomes occupying these spaces, to provide housing within the territorial jurisdiction of the city or county in accordance with the organization’s tax-exempt purposes under that federal law. The bonds shall be issued so as to satisfy the requirements of Section 145 of the Internal Revenue Code of 1986, as amended (26 U.S.C. Sec. 145).
(Amended by Stats. 1996, Ch. 27, Sec. 9. Effective April 8, 1996.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 5 - LOCAL HOUSING FINANCE AGENCIES › CHAPTER 8 - Loans to Tax-Exempt Organizations › Section 52103.

52103. A city or county may, in conjunction with the financing of multifamily rental housing pursuant to this chapter, finance the acquisition of commercial property for lease, subject to all of the following conditions:
(a)  No more than 10 percent of the proceeds of any revenue bonds issued pursuant to this chapter may be used to acquire the commercial property for lease.
(b)  The commercial property acquired will be located on the same parcel or on a parcel adjacent to a multifamily rental housing development.
(c)  As a condition of the financing, any lease payments collected in excess of payments necessary for debt service, operating expenses, and any required reserves related to such property, shall be used to reduce rents on units reserved for occupancy by lower income households and very low income households in a multifamily rental housing development.
(Added by Stats. 1988, Ch. 1610, Sec. 4.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 5 - LOCAL HOUSING FINANCE AGENCIES › CHAPTER 8 - Loans to Tax-Exempt Organizations › Section 52104.

52104. Whenever a complaint is received concerning a violation of the restrictions imposed pursuant to Section 52102, the city or county shall investigate promptly and make a report to the complaining party on whether the violation existed and whether it persists, and if it persists, what action the city or county will take to remedy the violation. When the city or county determines that a violation exists, whether determined upon an investigation of a complaint or on its own motion, the city or county shall take all appropriate action, including necessary legal action, to promptly eliminate the violation.
Notwithstanding other provisions of this section, any person aggrieved by a violation of the restrictions imposed pursuant to Section 52102 may seek a judicial remedy without regard to whether a complaint has been made to the city or county or whether the city or county is then taking any action to remedy the violation.
(Added by Stats. 1988, Ch. 1610, Sec. 4.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 5 - LOCAL HOUSING FINANCE AGENCIES › CHAPTER 8 - Loans to Tax-Exempt Organizations › Section 52105.

52105. For the purposes of this chapter, a city or county shall have the power to issue its bonds to defray, in whole or in part, the costs of studies and surveys, insurance premiums, underwriting fees, and legal, accounting, and marketing services incurred in connection with the issuance and sale of bonds pursuant to this chapter, including bond and mortgage reserve accounts; trustee, custodian, and rating agency fees, and any other costs which are reasonably related to the foregoing.
(Added by Stats. 1988, Ch. 1610, Sec. 4.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 5 - LOCAL HOUSING FINANCE AGENCIES › CHAPTER 8 - Loans to Tax-Exempt Organizations › Section 52106.

52106. (a)  Bonds issued pursuant to this chapter shall be repayable solely from payments of principal and interest on account of the loans funded thereby. The issuing city or county may pledge all or any portion of these payments to secure the bonds.
(b)  Neither the members of the governing body of the issuing city or county nor any person executing the bonds shall be personally liable on the bonds or be subject to any personal liability or accountability by reason of the issuance thereof.
(c)  The exercise of the powers granted by this chapter shall be in all respects for the benefit of the people of this state and for their health and welfare. Any bonds issued under this chapter, their transfer, and income therefrom shall at all times be free from taxation of every kind by the state and by the municipalities and political subdivisions of the state, except estate taxes.
(d)  This chapter provides an alternative method for issuing bonds and lending moneys for acquisition, construction, rehabilitation, refinancing, or development of multifamily rental housing by private nonprofit organizations exempt from federal income taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (26 U.S.C. Sec. 501(c)(3)).
(Amended by Stats. 1996, Ch. 27, Sec. 10. Effective April 8, 1996.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6 - CALIFORNIA FIRST-TIME HOME BUYERS › CHAPTER 1 - General Provisions › Section 52500.

52500. This part shall be known and may be cited as the Cal-First Home Buyers Act.
(Added by Stats. 1982, Ch. 320, Sec. 12. Effective June 29, 1982.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6 - CALIFORNIA FIRST-TIME HOME BUYERS › CHAPTER 1 - General Provisions › Section 52501.

52501. This part shall be administered by the California Housing Finance Agency and all of the provisions of Part 3 (commencing with Section 50900) which are not inconsistent with the provisions of this part shall apply to the agency and its administration of this part.
(Added by Stats. 1982, Ch. 320, Sec. 12. Effective June 29, 1982.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6 - CALIFORNIA FIRST-TIME HOME BUYERS › CHAPTER 1 - General Provisions › Section 52502.

52502. The First-Time Home Buyers Policy Committee is hereby created within the agency for the purpose of exercising those powers and responsibilities of the agency as specifically set forth in this division and, in the exercise of those powers and responsibilities, the acts of the policy committee shall be the acts of the agency.
The members of the policy committee shall be subject to the provisions of Part 3 (commencing with Section 50900) in the same manner as members of the board of directors of the agency.
(Added by Stats. 1982, Ch. 320, Sec. 12. Effective June 29, 1982.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6 - CALIFORNIA FIRST-TIME HOME BUYERS › CHAPTER 1 - General Provisions › Section 52503.

52503. The policy committee is comprised of five voting members, including a chairperson. The members shall be:
(a)  The State Treasurer, or his or her designee, who shall be the chairperson of the policy committee.
(b)  The chairperson of the board appointed pursuant to Section 50901.
(c)  The board member appointed by the Governor pursuant to subdivision (b) of Section 50902.
(d)  Both of the board members appointed pursuant to subdivisions (h) and (i) of Section 50902.
If the chairperson of the board and the person appointed to serve under subdivision (c) is the same individual, then the fifth voting member of the policy committee shall be the board member appointed by the Governor to the board pursuant to subdivision (d) of Section 50902.
If there is no person on the board appointed to serve under subdivision (c), the Governor shall appoint a person to the policy committee who would have qualified in that capacity and such appointee shall serve for a six-year term and shall be subject to confirmation by the Senate.
The Director of Finance and the executive director of the agency shall serve as nonvoting, ex officio members of the policy committee.
(Added by Stats. 1982, Ch. 320, Sec. 12. Effective June 29, 1982.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6 - CALIFORNIA FIRST-TIME HOME BUYERS › CHAPTER 1 - General Provisions › Section 52504.

52504. The First-Time Home Buyers Fund is hereby created in the State Treasury. All money in the fund is hereby continuously appropriated to the agency for carrying out the purposes of this part, and the application of the fund shall be subject to the provisions of Section 51000, or other applicable provisions of law. The agency may pledge any or all of the moneys in the fund as security for payment of the principal of, and interest on, and redemption premiums on, bonds issued pursuant to this part, and for such purpose or as necessary or convenient to the accomplishment of any other purpose of the agency pursuant to this part, may divide the fund into separate accounts. All moneys accruing to the agency pursuant to this part from whatever source shall be deposited in the fund.
(Added by Stats. 1982, Ch. 320, Sec. 12. Effective June 29, 1982.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6 - CALIFORNIA FIRST-TIME HOME BUYERS › CHAPTER 1 - General Provisions › Section 52505.

52505. In addition to the purposes of the agency provided in Sections 50154 and 50950, a purpose and role of the agency is to make financing opportunities available to first-time home buyers in this state, in the manner provided in this part.
(Added by Stats. 1982, Ch. 320, Sec. 12. Effective June 29, 1982.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6 - CALIFORNIA FIRST-TIME HOME BUYERS › CHAPTER 1 - General Provisions › Section 52506.

52506. The agency shall have the power to adopt, and from time to time to amend and repeal, by action of the policy committee, rules and regulations, not inconsistent with the provisions of this part, to carry into effect the powers and purposes of the agency pursuant to this part and the conduct of its business. Rules and regulations of the agency shall be adopted, amended, repealed, and published in accordance with the provisions of Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code.
(Added by Stats. 1982, Ch. 320, Sec. 12. Effective June 29, 1982.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6 - CALIFORNIA FIRST-TIME HOME BUYERS › CHAPTER 2 - Buy-Down Mortgage Plan › Section 52510.

52510. The agency may contract with qualified mortgage lenders with respect to mortgage loans qualified under this part to pay to such lenders, subject to the provisions of Section 52513, a sum of money as consideration for a reduction of the effective interest cost to the purchaser of an owner-occupied housing unit below market interest rates.
The buy-down mortgage program conducted under this part may be applicable to and include mortgage revenue bond financed programs. With respect to mortgage revenue bond financed programs, “market interest rate” means the effective mortgage interest rate to the borrower without the buy-down authorized by this part.
(Added by Stats. 1982, Ch. 320, Sec. 12. Effective June 29, 1982.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6 - CALIFORNIA FIRST-TIME HOME BUYERS › CHAPTER 2 - Buy-Down Mortgage Plan › Section 52511.

52511. The agency may make commitments to qualified mortgage lenders to make contracts for buy-down mortgage plans which conform to this part.
The agency may require the payment to the agency of a commitment fee to cover agency costs in extending such commitments and associated administrative costs, except that the total of commitment fees pursuant to this section and the projected recovery of administrative costs pursuant to Sections 52512 and 52514 shall not exceed the costs reasonably expected, in a prudent manner, to be incurred by the agency in the implementation of this part.
Commitments shall be made by the agency, acting through the policy committee, in a manner to best serve the purposes of this part and the interests of the first-time home buyer in the various geographical areas of this state, in varying forms of ownership where feasible, and including purchase of previously occupied housing, existing but not previously occupied housing, and housing to be constructed (with preference to housing which can be marketable within three months of the date of the commitment).
(Added by Stats. 1982, Ch. 320, Sec. 12. Effective June 29, 1982.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6 - CALIFORNIA FIRST-TIME HOME BUYERS › CHAPTER 2 - Buy-Down Mortgage Plan › Section 52512.

52512. The mortgage loan by a qualified mortgage lender for which a buy-down contract may be executed by the agency shall be in such form as determined by the regulations of the agency adopted by the policy committee. Such a loan shall be for a term of not less than six years or more than 30 years, but the repayments of principal and interest on such loan may be scheduled to provide for amortization in 30 years subject to a balloon payment at the end of the loan term. Such loan shall bear a fixed interest rate yield to the qualified mortgage lender which shall not exceed market interest as determined under Section 50080, except that the interest charged to the borrower may be on a graduated payment schedule as authorized in Section 52513. A qualified mortgage lender may charge to the borrower such initiation fees, points, or other charges approved by the agency, by regulation adopted by the policy committee, or otherwise, which may include administrative costs for the agency.
Any such loan by a qualified mortgage lender shall not exceed 90 percent of the appraised value of the property under standards applicable to that lender. A qualified mortgage lender shall agree to notify the agency of any default on the loan. The agency assumes no responsibility to the qualified mortgage lender, except for the contracted payment for the buy-down.
(Added by Stats. 1982, Ch. 320, Sec. 12. Effective June 29, 1982.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6 - CALIFORNIA FIRST-TIME HOME BUYERS › CHAPTER 2 - Buy-Down Mortgage Plan › Section 52513.

52513. The terms of the contract with a qualified mortgage lender for the buy-down mortgage plan shall be established by regulations of the agency adopted by the policy committee. Payments to a qualified mortgage lender under such contract shall not exceed the capitalized cost to the lender of the difference between market interest and the effective interest rate to the borrower under the buy-down program, plus any reasonable and demonstrated administrative costs, and provision shall be made for return by that lender to the agency, for credit against the borrower’s note obtained by the agency pursuant to Section 52514, of any sums used to purchase a buy-down of the effective interest to the borrower on the mortgage loan and which have been unearned by the lender by virtue of prepayment of the mortgage loan for any reason, prior to the termination of the buy-down period. The buy-down program shall not result in an effective interest rate to the borrower which is more than 5 percent below market interest and such effective rate to the borrower, or monthly payment by the borrower, shall be adjusted annually in equal increments until, at the end of the sixth year, it is equal to market interest as determined at the initiation of the loan, and may, as determined by regulations of the agency adopted by the policy committee, exceed market interest in ensuing years in such amount as is necessary to amortize the security interest of the agency as provided in Section 52514, if the agency determines pursuant to Section 52514 that the term of the note and security interest securing the agency’s participation is extended beyond the sixth year.
(Added by Stats. 1982, Ch. 320, Sec. 12. Effective June 29, 1982.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6 - CALIFORNIA FIRST-TIME HOME BUYERS › CHAPTER 2 - Buy-Down Mortgage Plan › Section 52514.

52514. In consideration for the agency’s contract, and performance of contract, to purchase a buy-down of the effective interest to the borrower on the mortgage loan, the agency shall obtain a note and deed of trust from the borrower under terms prescribed by regulations of the agency adopted by the policy committee. Such note and deed of trust shall be subordinate to the mortgage loan by a qualified mortgage lender executed pursuant to this part. The subordinate mortgage or deed of trust obtained by the agency under this section may, at the option of the agency exercised upon the initiation of such note and mortgage, provide that all amounts due and payable shall be paid at the end of the sixth year or shall be repaid on an amortized basis commencing with the seventh year and extending through the 30th year, or some term selected by the agency and provided in the initiating loan documents between the end of the sixth year and the end of the 30th year. The amount of the subordinate note and mortgage shall be equal to the contract amount advanced by the agency to the qualified mortgage lender to effect the buy-down, plus interest on those amounts at a rate calculated to cover the cost of funds to the agency for this program and administrative costs, less any amounts returned to the agency by the lender for the credit of the borrower pursuant to Section 52513, and shall be specified in the note and mortgage upon the initiation of that note and mortgage.
The agency may make and execute contracts with the qualified mortgage lender for the initiation or servicing of the subordinate mortgage loan. The agency may pay the reasonable value of services rendered to the agency pursuant to such contracts.
The notes and mortgages 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.
(Added by Stats. 1982, Ch. 320, Sec. 12. Effective June 29, 1982.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6 - CALIFORNIA FIRST-TIME HOME BUYERS › CHAPTER 2 - Buy-Down Mortgage Plan › Section 52514.5.

52514.5. All payments to the agency by the borrower on any note executed pursuant to Section 52514 shall be considered payments of interest for the purposes of Section 17230 of the Revenue and Taxation Code.
(Amended by Stats. 1999, Ch. 987, Sec. 1. Effective October 10, 1999.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6 - CALIFORNIA FIRST-TIME HOME BUYERS › CHAPTER 2 - Buy-Down Mortgage Plan › Section 52515.

52515. The real property to be purchased by the borrower on a mortgage loan pursuant to this part shall be an owner-occupied housing unit, the acquisition price of which does not exceed 90 percent of the average purchase price in the statistical area, except that such acquisition cost shall not exceed 110 percent of the average purchase price in a targeted area. The average purchase price means the purchase price determined by the agency, through action of the policy committee, for similar owner-occupied units. Such determinations shall be made not less often than annually for each statistical area and targeted area.
(Added by Stats. 1982, Ch. 320, Sec. 12. Effective June 29, 1982.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6 - CALIFORNIA FIRST-TIME HOME BUYERS › CHAPTER 2 - Buy-Down Mortgage Plan › Section 52516.

52516. The agency shall establish by regulation, adopted by the policy committee, standards for the eligibility of purchasers of housing subject to this part. Such individuals shall be first-time home buyers. Mortgages pursuant to this part cannot be used to acquire or replace an existing mortgage, except a mortgage which is security for a construction loan or a bridge loan or similar temporary initial financing. The purchaser shall be a resident of California. The qualified mortgage lender shall certify to the agency, in good faith, after prudent qualification of the purchaser that the purchaser is qualified under the provisions of this part. Section 51067 is not applicable to mortgage loans under this part.
(Added by Stats. 1982, Ch. 320, Sec. 12. Effective June 29, 1982.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6 - CALIFORNIA FIRST-TIME HOME BUYERS › CHAPTER 2 - Buy-Down Mortgage Plan › Section 52517.

52517. Notwithstanding any other provisions of this part, only mortgage loans are eligible for buy-down under the provisions of this part which are presently, or are expected to be, insured in whole or part by the Federal Housing Administration or guaranteed in whole or part by the United States Veterans Administration, the Farmers Home Administration of the United States Department of Agriculture, an agency of the state, by a private insuring entity authorized to engage in such business, or by any combination of the above, in percentages determined by the agency by regulation adopted by the policy committee, except that such insurance or guarantee need not be required, in the discretion of the policy committee, if the amount of the mortgage loan is less than 80 percent of the appraised value of the property (under standards applicable to that lender) which is the security for the loan.
(Amended by Stats. 1983, Ch. 260, Sec. 1. Effective July 15, 1983.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6 - CALIFORNIA FIRST-TIME HOME BUYERS › CHAPTER 2 - Buy-Down Mortgage Plan › Section 52518.

52518. Notwithstanding the provisions of Section 711 of the Civil Code, the agency shall not permit the assumption of the obligation under any note or mortgage securing the interest of the agency pursuant to Section 52514, by a subsequent ineligible purchaser or transferee of the prior borrower. If the subsequent purchaser or transferee does not meet the eligibility requirements of this part, 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. For purposes of determining eligibility, the limits on acquisition price, as specified in Section 52515, shall be determined at the time of the proposed assumption.
(Added by Stats. 1982, Ch. 320, Sec. 12. Effective June 29, 1982.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6 - CALIFORNIA FIRST-TIME HOME BUYERS › CHAPTER 2 - Buy-Down Mortgage Plan › Section 52519.

52519. The agency may renegotiate, refinance, foreclose, or contract for the foreclosure of any mortgage executed pursuant to Section 52514 which is in default, and may waive any default or consent to the modification of the terms of any mortgage. With respect to mortgage loans made pursuant to this part, the agency shall require that mortgage servicing and foreclosure practices, including forebearance and recasting of mortgages in default, conform to agency regulations.
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 such property. In connection with any such proceeding, the agency may assume any underlying mortgage held by a qualified mortgage lender or may, as necessary to acquire and take possession of such property, pay any note in order to remove any prior encumbrance. Subject to any agreement with bondholders, the agency may operate, manage, lease, dispose of, and otherwise deal with such property in such manner as may be necessary to protect the interest of the agency and the holders of its bonds.
(Added by Stats. 1982, Ch. 320, Sec. 12. Effective June 29, 1982.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6 - CALIFORNIA FIRST-TIME HOME BUYERS › CHAPTER 3 - First-Time Home Buyers Bond Act of 1982 › Section 52525.

52525. This chapter shall be known and may be cited as the First-Time Home Buyers Bond Act of 1982.
(Added by Stats. 1982, Ch. 320, Sec. 12. Approved in Proposition 5 at the November 2, 1982, election.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6 - CALIFORNIA FIRST-TIME HOME BUYERS › CHAPTER 3 - First-Time Home Buyers Bond Act of 1982 › Section 52526.

52526. The State General Obligation Bond Law is adopted for the purpose of the issuance, sale and repayment of, and otherwise providing with respect to, the bonds authorized to be issued by this chapter, and the provisions of that law are included in this chapter as though set out in full in this chapter.
(Added by Stats. 1982, Ch. 320, Sec. 12. Approved in Proposition 5 at the November 2, 1982, election.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6 - CALIFORNIA FIRST-TIME HOME BUYERS › CHAPTER 3 - First-Time Home Buyers Bond Act of 1982 › Section 52527.

52527. The First-Time Home Buyers Finance Committee is hereby created. The committee shall consist of the Governor, the Controller, the Treasurer, the Director of Finance, and the Chairperson of the Board of Directors of the California Housing Finance Agency. The Treasurer shall serve as chairperson of the committee. Such committee shall be the “committee,” as that term is used in the State General Obligation Bond Law. The Board of Directors of the California Housing Finance Agency shall be the “board,” as that term is used in the State General Obligation Bond Law.
(Amended by Stats. 1983, Ch. 260, Sec. 2. Effective July 15, 1983. Note: This section was added by Stats. 1982, Ch. 320, and approved in Prop. 5 on Nov. 2, 1982.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6 - CALIFORNIA FIRST-TIME HOME BUYERS › CHAPTER 3 - First-Time Home Buyers Bond Act of 1982 › Section 52528.

52528. The committee is hereby authorized and empowered to create a debt or debts, liability or liabilities, of the State of California, in the aggregate of fifteen million dollars ($15,000,000), in the manner provided in this chapter. The debt or debts, liability or liabilities, shall be created for the purpose of providing the funds to be used for the purposes specified in Section 52505 and shall be deposited in the First-Time Home Buyers Fund created pursuant to Section 52504.
(Amended by Stats. 1993, Ch. 116, Sec. 1. Effective July 15, 1993. Note: This section was added by Stats. 1982, Ch. 320, and approved in Prop. 5 on Nov. 2, 1982.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6 - CALIFORNIA FIRST-TIME HOME BUYERS › CHAPTER 3 - First-Time Home Buyers Bond Act of 1982 › Section 52529.

52529. The committee, upon the request of the board stating the purposes for which the bonds are proposed to be used and the amount of the proposed issuance, shall determine whether or not it is necessary or desirable to issue any bonds authorized under this chapter, and if so, the amount of bonds then to be issued and sold. The committee may authorize the State Treasurer to sell all or any part of the bonds herein authorized at such time or times as may be fixed by the State Treasurer.
(Added by Stats. 1982, Ch. 320, Sec. 12. Approved in Proposition 5 at the November 2, 1982, election.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6 - CALIFORNIA FIRST-TIME HOME BUYERS › CHAPTER 3 - First-Time Home Buyers Bond Act of 1982 › Section 52529.5.

52529.5. Notwithstanding the provisions of Chapter 4 (commencing with Section 16720) of Part 3 of Division 4 of Title 2 of the Government Code, the policy committee may, whenever it deems it necessary to effectuate the provisions of this part or to conduct an effective sale, authorize the state treasurer to sell any issue of bonds under either, or both, of the following conditions:
(a) With interest payments to be made less frequently than semi-annually, and an initial interest payment later than one year after the date of the bonds, if such interest payment date shall not be later than the maturity date of the bonds and is fixed to coincide, as nearly as the committee may deem to be practicable, with the dates and amounts of the estimated revenues estimated to accrue to the fund pursuant to this part.
(b) At less than the par value thereof if necessary to an effective sale, but the discount pursuant to this subdivision shall not exceed 6 percent of the par value thereof.
(Added by Stats. 1982, Ch. 320, Sec. 12. Approved in Proposition 5 at the November 2, 1982, election.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6 - CALIFORNIA FIRST-TIME HOME BUYERS › CHAPTER 3 - First-Time Home Buyers Bond Act of 1982 › Section 52530.

52530. All bonds herein authorized, which shall have been duly sold and delivered as herein provided, shall constitute valid and legally binding general obligations of the State of California, and the full faith and credit of the State of California is hereby pledged for the punctual payment of both principal and interest thereon.
There shall be collected annually in the same manner and at the same time as other state revenue is collected such a sum, in addition to the ordinary revenues of the state, as shall be required to pay the principal and interest on such bonds as herein provided, and it is hereby made the duty of all officers charged by law with any duty in regard to the collection of such revenue to do and perform each and every act which shall be necessary to collect such additional sum.
All money deposited in the fund which has been derived from premium and accrued interest on bonds sold shall be available for transfer to the General Fund as a credit to expenditures for bond interest.
All money deposited in the fund pursuant to any provision of law requiring repayments to the state which are financed by the proceeds of the bonds authorized by this chapter shall be available for transfer to the General Fund. When transferred to the General Fund such money shall be applied as a reimbursement to the General Fund on account of principal and interest on the bonds which has been paid from the General Fund.
(Added by Stats. 1982, Ch. 320, Sec. 12. Approved in Proposition 5 at the November 2, 1982, election.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6 - CALIFORNIA FIRST-TIME HOME BUYERS › CHAPTER 3 - First-Time Home Buyers Bond Act of 1982 › Section 52531.

52531. There is hereby appropriated from the General Fund in the State Treasury for the purpose of this chapter such an amount as will equal the following:
(a) Such sum annually as will be necessary to pay the principal of and the interest on the bonds issued and sold pursuant to the provisions of this chapter.
(b) Such sum as is necessary to carry out the provisions of Section 52532, which sum is appropriated without regard to fiscal years.
(Added by Stats. 1982, Ch. 320, Sec. 12. Approved in Proposition 5 at the November 2, 1982, election.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6 - CALIFORNIA FIRST-TIME HOME BUYERS › CHAPTER 3 - First-Time Home Buyers Bond Act of 1982 › Section 52532.

52532. For the purpose of carrying out the provisions of this chapter, the Director of Finance may by executive order authorize the withdrawal from the General Fund of an amount or amounts not to exceed the amount of the unsold bonds which the committee has by resolution authorized to be sold for the purpose of carrying out this chapter. Any amounts withdrawn shall be deposited in the fund and shall be disbursed by the committee in accordance with this chapter. Any money made available under this section to the First-Time Home Buyers Fund shall be returned by the First-Time Home Buyers Fund to the General Fund from repayments received from the first-time home buyers. Such withdrawals from the General Fund shall be returned to the General Fund with interest at the rate which would have otherwise been earned by such sums in the Pooled Money Investment Fund.
(Added by Stats. 1982, Ch. 320, Sec. 12. Approved in Proposition 5 at the November 2, 1982, election.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6 - CALIFORNIA FIRST-TIME HOME BUYERS › CHAPTER 3 - First-Time Home Buyers Bond Act of 1982 › Section 52532.5.

52532.5. Notwithstanding any other provision of this bond act, or of the State General Obligation Bond Law (Chapter 4 (commencing with Section 16720) of Part 3 of Division 4 of Title 2 of the Government Code), if the Treasurer sells bonds pursuant to this bond act that include a bond counsel opinion to the effect that the interest on the bonds is excluded from gross income for federal tax purposes under designated conditions, the Treasurer may maintain separate accounts for the bond proceeds invested and the investment earnings on those proceeds, and may use or direct the use of those proceeds or earnings to pay any rebate, penalty, or other payment required under federal law, or take any other action with respect to the investment and use of those bond proceeds, as may be required or desirable under federal law in order to maintain the tax-exempt status of those bonds and to obtain any other advantage under federal law on behalf of the funds of this state.
(Added by Stats. 1991, Ch. 652, Sec. 13.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6 - CALIFORNIA FIRST-TIME HOME BUYERS › CHAPTER 3 - First-Time Home Buyers Bond Act of 1982 › Section 52533.

52533. Money in the First-Time Home Buyers Fund may only be expended for projects specified in this chapter.
(Added by Stats. 1982, Ch. 320, Sec. 12. Approved in Proposition 5 at the November 2, 1982, election.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6 - CALIFORNIA FIRST-TIME HOME BUYERS › CHAPTER 4 - Repeal › Section 52533.5.

52533.5. Notwithstanding any other provision of law, the agency shall have no authority to make mortgages or to incur debt pursuant to this part after the date of the approval of the California Housing and Jobs Investment Bond Act (Part 6.1 (commencing with Section 52534)) by the California electorate.
(Added by Stats. 1993, Ch. 116, Sec. 2. Effective July 15, 1993. Note: Conditions in Section 52533.6 for repeal of Part 6 failed. Part 6.1 (Calif. Housing and Jobs Investment Bond Act), as proposed by Stats. 1993, Ch. 116, Sec. 3, was rejected as Prop. 173 on Nov. 2, 1993.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6 - CALIFORNIA FIRST-TIME HOME BUYERS › CHAPTER 4 - Repeal › Section 52533.6.

52533.6. This part shall remain in effect only until the Director of Finance certifies, in writing, to the Secretary of State that all mortgages made, and all debts incurred, pursuant to this part on or before the date of the approval of the California Housing and Jobs Investment Bond Act (Part 6.1 (commencing with Section 52534)) by the California electorate, have been extinguished, and as of the date of that certification is repealed, unless a later enacted statute, which is enacted before that certification, deletes or extends that date.
(Added by Stats. 1993, Ch. 116, Sec. 2. Effective July 15, 1993. Note: Repeal would have affected Part 6, commencing with Section 52500, but conditions for repeal failed. Part 6.1 (Calif. Housing and Jobs Investment Bond Act), as proposed by Stats. 1993, Ch. 116, Sec. 3, was rejected as Prop. 173 on Nov. 2, 1993.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6.2 - CALIFORNIA HOUSING PARTNERSHIP › CHAPTER 1 - General Provisons › Section 52535.

52535. The Legislature finds and declares as follows:
(a)  A significant amount of housing built to serve lower income households and very low income households and families is starting to disappear from the housing market. This phenomenon is due to government policies that allow prepayment of mortgages or nonrenewal of subsidy contracts after short periods of time and to changes in market forces which increase property values and create pressure to convert to middle or upper income housing or office or commercial use. In many neighborhoods, these conversions displace low-income and very low income tenants who have very limited options for relocating in comparable housing.
(b)  Replacing this resource will be so expensive as to make it a practical impossibility. Scarce public resources make it extremely difficult to finance acquisition of the existing low- and very low income housing that could prevent some of this loss.
(c)  There is an inadequate supply of private capital and investors committed to preserving existing low- and very low income housing for the useful life of the buildings, particularly for inner-city, troubled, small, and scattered-site housing developments. Many of the changes in the 1986 Federal Tax Reform Act have increased the difficulties of raising equity capital for lower income housing. These economic pressures will add to the depletion of the low-income and very low income housing stock.
(d)  It is the policy of this state to encourage the widest possible joint participation by local and state government and nonprofit and private enterprise in the preservation and expansion of housing for low-income households and very low income households.
(e)  It is in the public interest that one or more organizations should be created to encourage maximum participation by private investors and the public sector in programs and projects to preserve and expand the existing supply of low-income housing and very low income housing serving California residents.
(f)  It is, additionally, in the public interest to permit a nonprofit corporation to be formed for the purpose of raising private equity capital for syndication of projects sponsored by nonprofit housing development corporations. The equity capital raised will go toward the acquisition, rehabilitation, acquisition and rehabilitation, or construction of housing and related facilities, primarily for the benefit of low-income households and very low income households.
(Added by Stats. 1987, Ch. 1355, Sec. 1.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6.2 - CALIFORNIA HOUSING PARTNERSHIP › CHAPTER 2 - Definitions › Section 52540.

52540. The following definitions shall govern the construction and interpretation of this part:
(a)  “Corporation” means a corporation formed pursuant to Section 52550.
(b)  “Low-income housing” means housing available at affordable rent to lower income households, as defined in Section 50079.5.
(c)  “Nonprofit corporation” means a nonprofit corporation organized pursuant to the Nonprofit Corporation Law (Division 2 (commencing with Section 5000) of Title 1 of the Corporations Code), or a limited equity housing cooperative, as defined by Section 11003.4 of the Business and Professions Code.
(d)  “Very low income housing” means housing available at affordable rents to very low income households as defined by Section 50105.
(Added by Stats. 1987, Ch. 1355, Sec. 1.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6.2 - CALIFORNIA HOUSING PARTNERSHIP › CHAPTER 3 - Corporation › Section 52550.

52550. (a)  A nonprofit corporation may be formed to carry out the purposes of this part. The corporation is not a state entity and the officers and employees of the corporation are not officers or employees of the state and shall not be subject to state civil service.
(b)  Nothing in this chapter shall be construed to preclude any person from creating other corporations and organizing other partnerships, joint ventures, or associations for the purposes set forth in this part.
(Added by Stats. 1987, Ch. 1355, Sec. 1.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6.2 - CALIFORNIA HOUSING PARTNERSHIP › CHAPTER 3 - Corporation › Section 52552.

52552. The initial board of directors shall take whatever actions are necessary or appropriate to establish the corporation, including, but not limited to, the filing of articles of incorporation.
(Added by Stats. 1987, Ch. 1355, Sec. 1.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 6.2 - CALIFORNIA HOUSING PARTNERSHIP › CHAPTER 4 - Purposes and Powers of the Corporation › Section 52561.

52561. (a)  The corporation may arrange for the formation, as separate organizations, of partnerships organized under the laws of this state for the purpose of engaging in any activities that may be performed by the corporation and entering into partnership agreements governing the affairs of the partnerships.
(b)  The partnership is authorized to enter into limited partnerships for the purpose of engaging in the preservation of existing low-income or very low income housing developments or projects in localities throughout the state.
(c)  The corporation shall be a general partner or limited partner in any partnership in which it participates. The capital of the partnership and the contribution of the partners shall be in such amounts and at the times which are set forth in, or pursuant to, the partnership agreement.
(d)  The partnership shall, to the extent feasible, seek maximum participation in the decisionmaking process by the local nonprofit housing corporation.
(e)  The partnership agreement shall contain provisions designed to assure all of the following:
(1)  The partnership participates in low-income and very low income housing developments or projects in a manner designed to encourage the maximum participation in those housing developments by units of local or state government.
(2)  The housing acquired by the partnership shall be preserved for occupancy by lower income households or very low income households for the physical life of the housing if it is economically feasible, as determined by the board of directors of the corporation. In the event that it is not economically feasible to maintain all of the units for lower income households and very low income households, one or more of the rental housing units may be made available for tenancy by households that are not lower income households or very low income households.
(3)  The partnership shall, to the extent feasible, seek those investments for which there is either an inadequate supply of private capital or where private investors are not committed to preserving the housing for low-income households or very low income households for the physical life of the housing.
(4)  Any displacement of any person resulting from the activities of the partnership shall be temporary in nature and necessary for the rehabilitation work. Relocation benefits shall be paid to those persons as part of the project costs.
(f)  The allocation, apportionment, and taxation of income, profits, losses, and deductions among partners shall be governed by the laws otherwise applicable to those allocations and apportionments.
(Added by Stats. 1987, Ch. 1355, Sec. 1.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 7 - SOLAR AND ENERGY CONSERVATION MORTGAGE CORPORATION › CHAPTER 1 - Legislative Findings and Intent › Section 53000.

53000. This part may be cited as the Solar and Energy Conservation Mortgage Corporation Act of 1981.
(Added by Stats. 1981, Ch. 1033.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 7 - SOLAR AND ENERGY CONSERVATION MORTGAGE CORPORATION › CHAPTER 1 - Legislative Findings and Intent › Section 53001.

53001. The Legislature hereby determines that:
(a)  There is a national policy of reducing demand for nonrenewable energy sources, recognition of which is especially important to the economic welfare of California residents and is, therefore, an important state policy goal.
(b)  Widespread purchase, installation, and use of effective energy conservation measures in designated buildings is a particularly promising and expeditious manner in which this goal may be pursued.
(c)  The provisions of this part are intended to provide a flexible, practicable, and effective program for the financing of solar and energy conservation measures in buildings throughout the state.
(Added by Stats. 1981, Ch. 1033.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 7 - SOLAR AND ENERGY CONSERVATION MORTGAGE CORPORATION › CHAPTER 1 - Legislative Findings and Intent › Section 53002.

53002. The Legislature further declares its intention that the provisions of this part be interpreted and implemented in a manner which will accomplish the following:
(a)  Maintain a high level of diversity and competition among businesses and institutions which finance energy conservation measures and structural improvements.
(b)  Help to reduce the dependence of California on imported and nonrenewable energy sources, as well as to hold down increases in the cost of energy.
(c)  Encourage the movement of private capital into renewable energy and conservation investments, thereby eliminating or reducing the need to place additional burdens on California taxpayers and utility ratepayers, through creation of a secondary mortgage market instrumentality for the purchase of energy related loans.
(d)  Develop impetus toward creation of new jobs for California workers in the renewable energy, conservation, and building industries.
(e)  Help provide secure, progressive investment opportunities for financial institutions, insurance companies, pension funds, and other private investors in the fields of energy conservation and building improvement.
(Added by Stats. 1981, Ch. 1033.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 7 - SOLAR AND ENERGY CONSERVATION MORTGAGE CORPORATION › CHAPTER 2 - Definitions › Section 53050.

53050. Unless the context otherwise requires and so stipulates, the definitions provided in this chapter shall govern construction of this part.
(Added by Stats. 1981, Ch. 1033.)
2023 California Code › Health and Safety Code - HSC › DIVISION 31 - HOUSING AND HOME FINANCE › PART 7 - SOLAR AND ENERGY CONSERVATION MORTGAGE CORPORATION › CHAPTER 2 - Definitions › Section 53052.

53052. “Corporation” means the Solar and Energy Conservation Mortgage Corporation, also known as “Sunny Mac,” created by this part.
(Added by Stats. 1981, Ch. 1033.)