California Code of Regulations › Title 21 - Public Works › Division 2 - Department of Transportation › Chapter 9.5 - State Route 710 Sales Program › Section 1476 - Chapter Definitions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
Terms.
This chapter uses the definitions of the following
				terms:
(1) "Above-Moderate Income Households"
				mean persons or families whose income exceeds that of Moderate-Income
				Households but does not exceed 150 percent of area median income adjusted for
				family size. "Area median income" is defined in Health and Safety Code §
										50093.
(2) "Affordable Housing Cost" is defined in
				§
										1481.2(c)(4).
(3) "Affordable Price" is defined in §
										1481.2(c)(1).
(4) "Affordable Rent" means rent calculated
				in a manner consistent with Government Code §
										54236(g)
				and
				25 Cal.
				Code Regs. §
										6922.
(5) "CalHFA" means the California Housing
				Finance Agency, a public instrumentality and political subdivision of the State
				of California created by the Zenovich-Moscone-Chacon Housing and Home Finance
				Act, division 31 of the Health and Safety Code.
(6) "Decent, Safe, and Sanitary" means
				meeting all the minimum requirements listed in 2 Cal. Code Regs. §
										1872.
(7) "Department" means the California
				Department of Transportation.
(8)
				"Fair Market Value" means the most probable price that real property should
				bring in a competitive and open market under all conditions requisite to a fair
				sale in accordance with Government Code §
										54236(f),
				the buyer and seller each acting prudently and knowledgeably, and assuming such
				price is not affected by undue stimuli. Included in this definition is the
				consummation of a sale of the real property as of a specified date with title
				passing from seller to buyer under conditions whereby:
(A) the buyer and seller are typically
				motivated; and
(B) the buyer and
				seller are well informed or well advised, and each is acting in what they
				consider their best interest; and
(C) a reasonable time is allowed for exposure
				of the real property in the open market; and
(D) payment is made in cash in United States
				dollars or in terms of a financial arrangement comparable thereto;
				and
(E) the sale price represents
				the normal consideration for the property unaffected by special or creative
				financing, sales concessions, or Use and Resale Restrictions.
(9) "Fair Market Value at Time of
				Purchase" means the appraised Fair Market Value for a property offered at an
				Affordable Price. It shall be determined by a California certified Real Estate
				appraiser and is subject to review and acceptance by the Department for
				compliance with the Uniform Standards of Professional Appraisal Practice. The
				appraisal shall be updated at the opening of escrow if it is more than six
				months old.
(10) "Housing-Related
				Public Entity" is defined in §
										1483(b).
(11) "Housing-Related Private Entity" is
				defined in §
										1485.
(12) "Lower Income Households" has the
				meaning set forth in Health and Safety Code §
										50079.5.
				Lower Income Households are typically characterized as having incomes not
				exceeding 80% of area median income adjusted for family size.
(13) "Minimum Sales Price" is the price the
				Department paid for the property without any inflation adjustment, and no
				property shall be sold pursuant to this article for less than the Minimum Sales
				Price.
(14) "Moderate Income
				Households" has the same meaning as "middle-income families" set forth in
				Health and Safety Code §
										50093.
				Moderate Income Households are typically characterized as having incomes
				exceeding that of Lower Income Households but not exceeding 120% of area median
				income adjusted for family size.
(15) "Occupant" means a person 18 years or
				older who uses the Surplus Residential Property as their Principal Place of
				Residence and who is listed on the lease or rental agreement with the
				Department as of the date of the letter described in §
										1478(a)(1).
(16) "Persons and Families of Low or Moderate
				Income" has the meaning set forth in Health and Safety Code §
										50093.
(17) "Principal Place of Residence" means the
				place which is a person's primary home. A person's temporary absence from their
				primary home does not effect a change with respect thereto. On the other hand,
				if a person moves to another place, other than as a mere transient or
				sojourner, the person shall be treated as having changed the location of their
				primary home.
(18) "Priority X",
				where "X" is a number 0 to 9, is specified in §
										1477.1 & 1477.2.
(19) "Reasonable Price" means the price that
				is best suited to the economically feasible use of the property as Decent,
				Safe, and Sanitary housing at Affordable Rents. When used in Priority 4,
				"Reasonable Price" means the price best suited to the economically feasible use
				of the property as a historic home for public and community access and use. The
				Reasonable Price may not be less than the Minimum Sales Price.
(20) "Single-Family Residence" means a
				Surplus Residential Property that is either used as a dwelling unit for one
				family or intended by the Department to be used as a dwelling unit for one
				family.
(21) "Surplus
				Nonresidential Properties" means real property including land and structures
				owned by the Department that are not Surplus Residential Property.
(22) "Surplus Residential Property" means
				real property including land and structures owned by the Department that:
(A) the Department has determined to be
				excess pursuant to Streets and Highways Code §
											118.6;
				and
(B) the Department has
				determined to be no longer necessary for the Department's use; and
(C) were developed as single-family or
				multifamily housing but do not include property being held by the Department
				for the purpose of exchange.
(23) "Tenant" means an Occupant of a Surplus
				Residential Property who is a signatory to the lease or rental agreement as of
				the date of the letter described in §
										1478(a)(1).
(24) "Use and Resale Restrictions" means the
				terms, conditions, and restrictions imposed by the Department for properties
				sold for less than Fair Market Value. Use and Resale Restrictions run with the
				land and are equitable servitudes. They apply to the entirety of the property,
				including every unit of a multi-unit property and every new unit added to a
				property.