California Code of Regulations › Title 25 - Housing and Community Development › Division 1 - Housing and Community Development › Chapter 7 - Department of Housing and Community Development Programs › Subchapter 9 - Calhome Program Requirements › Article 1 - General › Section 7716 - Definitions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
In addition to the definitions found in Chapter 2
						(commencing with Section 50050) of Part 1 of Division 31 of the Health and
						Safety Code, the following definitions shall apply to this subchapter.
						References to code sections refer to the sections of these regulations unless
						otherwise noted.
(a) "Affordable" as
					 it describes a specific financial obligation, means that obligation can be paid
					 by the person or household, along with all of other financial responsibilities,
					 without endangering the financial stability of the household.
(b) "After-rehabilitation value" means the
					 appraised value of the property including completed rehabilitation
					 work.
(c) "Applicant" is the
					 locality or nonprofit corporation, which submits an application to the
					 Department to operate a local program, develop a homeownership project, or
					 provide self-help technical assistance to a homeownership project.
(d) "Assisted units" means units purchased or
					 rehabilitated with a loan funded pursuant to this subchapter. Assisted units
					 shall also include units occupied by a seeker successfully matched to a
					 homeowner provider under a shared housing local program or a household provided
					 with self-help technical assistance in a project funded pursuant to this
					 subchapter.
(e) "Back-end ratio"
					 means the ratio between monthly household income and monthly housing costs plus
					 all payments on long-term installment debt.
(f) "Borrower" means a homebuyer(s) or
					 existing homeowner(s) who has or will receive a CalHome Program loan made from
					 a local program funded pursuant to this subchapter, signs the promissory note,
					 and is or will be the homeowner of the property being financed.
(g) "Community revitalization" A program or
					 project will be considered to contribute towards community revitalization if
					 all units to be assisted with CalHome Program funds are, or will be, located
					 within a federally defined Qualified Census Tract or a designated redevelopment
					 area under the jurisdiction of a local redevelopment agency.
(h) "Construction skills training program"
					 means an existing program that trains youth 16 to 24 years old in construction
					 skills.
(i) "Department" means the
					 Department of Housing and Community Development.
(j) "Developer" means a locality or nonprofit
					 corporation that owns the project land, obtains the project financing and
					 develops the homeownership project.
(k) "Developer borrower" means a developer
					 who receives a Cal-Home loan pursuant to this subchapter for the development of
					 a project involving multiple homeownership units.
(l) "Eligible household" means a low- or very
					 low-income household that is: a first-time homebuyer; an existing
					 owner-occupant of property in need of rehabilitation; a homeowner participant
					 in a shared housing local program; or a first-time homebuyer participant in a
					 self-help construction project. The eligible household shall occupy, or intend
					 to occupy, the property as their principal residence and shall not lease or
					 rent the property (except in the case of a homeowner provider assisted through
					 a CalHome shared housing program in renting a room in their home to a
					 seeker).
(m) "First-time homebuyer"
					 means a borrower(s) who has not owned a home during the three-year period
					 before the purchase of a home with CalHome assistance, except that the
					 following individual or individuals may not be excluded from consideration as a
					 first-time homebuyer under this definition:
(1) a displaced homemaker who, while a
					 homemaker, owned a home with his or her spouse or resided in a home owned by
					 the spouse. A displaced homemaker is an adult who has not, within the preceding
					 two years, worked on a full-time basis as a member of the labor force for a
					 consecutive twelve-month period and who has been unemployed or underemployed,
					 experienced difficulty in obtaining or upgrading employment and worked
					 primarily without remuneration to care for his or her home and
					 family;
(2) a single parent who,
					 while married, owned a home with his or her spouse or resided in a home owned
					 by the spouse. A single parent is an individual who is unmarried or legally
					 separated from a spouse and has one or more minor children for whom the
					 individual has custody or joint custody or is pregnant; or
(3) an individual or individuals who owns or
					 owned, as a principal residence during the three-year period before the
					 purchase of a home with CalHome assistance, a dwelling unit whose structure is:
(A) not permanently affixed to a permanent
					 foundation in accordance with local or state regulations; or
(B) not in compliance with state, local, or
					 model building codes and cannot be brought into compliance with such codes for
					 less than the cost of constructing a permanent
					 structure.