Section 50050.

50050. Unless otherwise indicated by the context, the definitions contained in this chapter shall govern the construction of this division. (Added by Stats. 1977, Ch. 610.)

Section 50051.

50051. “Affirmative action” means any program created pursuant to rules and regulations of the agency to create greater job opportunities for members of disadvantaged racial, sexual, religious, ancestral, or national-origin groups. Such program shall include educational, promotional, and other appropriate activity designed to secure greater employment opportunity for the members of such groups. (Added by […]

Section 50052.

50052. “Affirmative marketing program” means any program approved by the agency that is designed to achieve greater access to housing opportunities created by this division for members of disadvantaged racial, sexual, religious, ancestral, or national-origin groups. Such program shall include educational, promotional, and other appropriate activity designed to secure greater housing opportunities for the members […]

Section 50052.5.

50052.5. (a) For any owner-occupied housing that receives assistance prior to January 1, 1991, and a condition of that assistance is compliance with this section, “affordable housing cost” with respect to lower income households may not exceed 25 percent of gross income. (b) For any owner-occupied housing that receives assistance on or after January 1, 1991, and […]

Section 50053.

50053. (a)  For any rental housing development that receives assistance prior to January 1, 1991, and a condition of that assistance is compliance with this section, “affordable rent” with respect to lower income households shall not exceed the percentage of the gross income of the occupant person or household established by regulation of the department […]

Section 50054.

50054. “Agency” means the California Housing Finance Agency. (Added by Stats. 1977, Ch. 610. Note: Conditional amendment by Stats. 1994, Ch. 94, was repealed by Stats. 1997, Ch. 580.)

Section 50055.

50055. “Assisted housing” means housing financed by a below-market interest rate mortgage insured or purchased, or a loan made, by the Secretary of the United States Department of Housing and Urban Development or by the Farmers Home Administration of the United States Department of Agriculture; or a market-interest-rate mortgage insured or purchased, or a loan […]

Section 50056.

50056. “Below-market interest” means a below-market interest rate adequate to return to the agency sufficient income to meet its obligations, reserve requirements, and expenses connected with a loan financed by the agency for which such interest rate is established as determined by the agency at the time of commitment of funds, for the permanent financing. […]

Section 50057.

50057. “Board” means the board of directors of the agency. (Added by Stats. 1977, Ch. 610.)

Section 50058.

50058. “Bonds” means bonds, notes (including bond anticipation notes and construction loan notes), debentures, interim or other certificates, or other evidences of financial indebtedness issued by the agency pursuant to Part 3 (commencing with Section 50900) or Part 6 (commencing with Section 52500). (Amended by Stats. 1982, Ch. 320, Sec. 2. Effective June 29, 1982.)

Section 50058.5.

50058.5. “Buy-down mortgage plan” is a program by which the effective interest cost to the purchaser of a real property is reduced below market rates through supplemental payments by the agency to a qualified mortgage lender in return for which the agency shall obtain from the purchaser an interest-bearing note secured by a subordinated mortgage […]

Section 50059.

50059. “Cause” means gross neglect of duties, fraud, or violation of Section 50904 or 50905. (Added by Stats. 1977, Ch. 610.)

Section 50060.

50060. “Citizen participation” means action by the local agency that is approved by the agency as sufficient to provide persons who will be affected by financing or loan insurance assistance within a neighborhood preservation area, under the provisions of Chapter 6 (commencing with Section 51300) of Part 3 of this division or under Part 4 […]

Section 50061.

50061. “Commission” means the Commission of Housing and Community Development. (Added by Stats. 1977, Ch. 610.)

Section 50061.5.

50061.5. Any reference in this division to the Commission of Housing and Community Development shall be deemed to be to the Department of Housing and Community Development and the department may exercise all the powers and shall perform all the duties of the commission. (Added by Stats. 1981, Ch. 996.)

Section 50062.

50062. “Concentrated rehabilitation area” means an area characterized by substantial deterioration of residential structures and which is designated by the agency pursuant to Section 51302. (Added by Stats. 1977, Ch. 610.)

Section 50062.5.

50062.5. “Congregate housing for the elderly” means a housing development, as defined by Section 50073.5, which is planned, designed, and managed to include facilities and common space that allow for direct services and support services that maximize the residents’ potential for independent living and which is occupied by elderly or handicapped persons or households, as […]

Section 50063.

50063. “Construction loan” means a short-term loan secured by real property, made for development costs incurred in construction or rehabilitation of a housing development or residential structure. (Amended by Stats. 1982, Ch. 312, Sec. 4. Effective June 28, 1982.)

Section 50063.5.

50063.5. “Acutely low income households” means persons and families whose incomes do not exceed 15 percent of area median income, adjusted for family size and revised annually. The limits shall be published by the department in the California Code of Regulations for all geographic areas of the state. As used in this section, “area median […]

Section 50064.

50064. “Department” means the Department of Housing and Community Development. (Added by Stats. 1977, Ch. 610.)