Section 52560.
52560. (a) In order to achieve the objectives and carry out the purposes of this part, the corporation may do all of the following: (1) Raise equity funds, from corporations or individuals, for housing and related facilities sponsored by nonprofit housing development corporations organized pursuant to state or federal law, primarily for the benefit of […]
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 […]
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 […]
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 […]
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 […]
Section 52551.
52551. (a) (1) The Governor shall appoint, subject to advice and consent of the Senate, five of the incorporators of the corporation from the categories of persons described in paragraphs (1) to (5), inclusive, of subdivision (b). The Senate Rules Committee shall appoint one of the incorporators of the corporation from the category of persons […]
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.)