Section 62108.
62108. (a) (1) Upon failure of the authority to expend or encumber excess surplus in the Low and Moderate Income Housing Fund within one year from the date the moneys become excess surplus, as defined in paragraph (1) of subdivision (g), the authority shall do either of the following: (A) Disburse voluntarily its excess surplus to the county […]
Section 62200.
62200. “Real property” means any of the following: (a) Land, including land under water and waterfront property. (b) Buildings, structures, fixtures, and improvements on the land. (c) Any property appurtenant to or used in connection with the land. (d) Every estate, interest, privilege, easement, franchise, and right in land, including rights-of-way, terms for years, and liens, charges, or encumbrances […]
Section 62109.
62109. (a) Notwithstanding Sections 50079.5, 50093, and 50105 of the Health and Safety Code, for purposes of providing assistance to mortgagors participating in a homeownership residential mortgage revenue bond program pursuant to Section 33750 of the Health and Safety Code, or a home financing program pursuant to Section 52020 of the Health and Safety Code, or […]
Section 62201.
62201. Within the plan area or for purposes of revitalization an authority may: (a) Purchase, lease, obtain option upon, acquire by gift, grant, bequest, devise, or otherwise, any real or personal property, any interest in property, and any improvements on it, including repurchase of developed property previously owned by the authority. An authority shall obtain an […]
Section 62003.
62003. An authority shall adopt a community revitalization and investment plan that may include project areas and a provision for the receipt of tax increment funds generated within the area according to Section 62005, provided the plan includes each of the following elements: (a) A statement of the principal goals and objectives of the plan including […]
Section 62004.
62004. (a) The authority shall consider adoption of the plan at three public hearings that shall take place at least 30 days apart. At the first public hearing, the authority shall hear all written and oral comments but take no action. At the second public hearing, the authority shall consider any additional written and oral comments […]
Section 62005.
62005. (a) (1) The plan adopted pursuant to Section 62004 may include a provision that taxes levied and collected upon taxable property in the area included within the territory each year by or for the benefit the taxing agencies that have adopted a resolution pursuant to subdivision (d), shall be divided, subject to the provisions of Section […]
Section 62006.
62006. (a) The authority shall require the preparation of an annual independent financial audit paid for from revenues of the authority, and review the plan at least annually and make any amendments that are necessary and appropriate in accordance with the following procedures: (1) Amendments to an approved plan, including proposals to finance affordable housing pursuant to […]
Section 62007.
62007. (a) Every five years, beginning in the calendar year in which the authority has allocated a cumulative total of more than one million dollars ($1,000,000) in tax increment revenues, including any proceeds of a debt issuance, for the purposes of subdivision (c) of Section 62003, the authority shall contract for an independent audit to determine […]
Section 62008.
62008. (a) If an authority fails to provide a copy of the completed audit to the Controller as required by paragraph (2) of subdivision (c) within 20 days following receipt of a written notice of the failure from the Controller, the authority shall forfeit to the state: (1) Two thousand five hundred dollars ($2,500) in the case […]