50065. “Development costs” means the aggregate of all costs incurred in connection with a housing development which are approved by the agency as reasonable and necessary, including, but not limited to, the following: (a) The cost of refinancing or acquiring land and any buildings thereon, including payments for commissions, options, deposits, or contracts to purchase […]
50066. “Development loan” means a loan, made prior to the granting of a construction loan, for planning, acquisition of land and improvements thereon, and site preparation for a housing development or residential structure. A development loan may include costs of architectural, engineering, legal and consulting services, the cost of necessary studies, surveys and governmental permits, […]
50067. “Elderly” means a family in which the head of the household is 60 years of age or older, a single person who is 60 years of age or older, or an elderly or handicapped household as defined in Section 19903 and subject to Part 4.5 (commencing with Section 19902) of Division 13. The age […]
50068. “Financial interest” has the same meaning as specified in Section 87103 of the Government Code. (Added by Stats. 1977, Ch. 610.)
50068.5. “First-time home buyer” means a person who is a purchaser of an owner-occupied housing unit and who neither has, nor has had, a present ownership in a principal residence at any time during the three-year period prior to the date on which the mortgage pursuant to this division is executed, except that this limitation […]
50068.6. “First-Time Home Buyers Fund” is a fund in the General Fund, distinguished from the California Housing Finance Fund, which is created by Section 52504. (Added by Stats. 1982, Ch. 320, Sec. 5. Effective June 29, 1982.)
50068.7. “First-Time Home Buyers Policy Committee” or “policy committee” is the committee which performs certain policy functions and makes certain policy determinations pursuant to Part 6 (commencing with Section 52500), and which is established pursuant to Section 52502. (Added by Stats. 1982, Ch. 320, Sec. 6. Effective June 29, 1982.)
50069. “Fund” means the California Housing Finance Fund. (Added by Stats. 1977, Ch. 610.)
50070. “Governmental agency” means the United States of America, the State of California, any city, county, or city and county within this state and any department, division, public corporation, or public agency of this state or of the United States, or two or more of such entities acting jointly, or the duly constituted governing body […]
50071. “Guaranteed taxable bonds” means bonds secured by a pledge of the full faith and credit of the United States for the payment of the principal and interest on bonds issued under the authority of this division and on which the interest is not exempted from federal income taxes. Where the federal guarantees are for […]
50072. “Handicapped” means a family in which the head of the household is suffering from an orthopedic disability impairing personal mobility or a physical disability affecting his or her ability to obtain employment or a single person with such a physical disability, where the family or person requires special care or facilities in the home. […]
50073. “Housing development,” for the purpose of housing assisted by the department, means any work or undertaking of new construction or rehabilitation, or the acquisition of existing residential structures in good condition, for the provision of housing that is financed pursuant to the provisions of this division for the primary purpose of providing decent, safe, […]
50073.5. “Housing development,” for the purpose of the California Housing Finance Agency, means any existing structure of five or more dwelling units or any work or undertaking of five dwelling units or more of new construction or rehabilitation for the provision of housing financed pursuant to the provisions of this division for the primary purpose […]
50074. “Housing sponsor,” for the purpose of housing assisted by the department, means any individual, joint venture, partnership, limited partnership, trust, corporation, limited equity housing cooperative, cooperative, local public entity, duly constituted governing body of an Indian reservation or rancheria, tribally designated housing entity, or other legal entity, or any combination thereof, certified by the […]
50074.5. “Housing sponsor,” for the purpose of the California Housing Finance Agency, means any individual, joint venture, partnership, limited partnership, trust, corporation, cooperative, local public entity, duly constituted governing body of an Indian reservation or rancheria, or other legal entity, or any combination thereof, approved by the agency as qualified to either own, construct, acquire […]
50075. “Legislative body” means the city council, board of supervisors, or other legislative body of the local agency. (Added by Stats. 1977, Ch. 610.)
50076. “Limited-dividend housing sponsor” means any sponsor which owns a housing development and whose profit or cash return is limited pursuant to Section 51202 and regulations adopted by the board pursuant thereto. (Added by Stats. 1977, Ch. 610.)
50076.5. “Limited-equity housing cooperative” means a corporation organized pursuant to Section 817 of the Civil Code and Section 11003.4 of the Business and Professions Code. For purposes of this division, a limited equity housing cooperative is a nonprofit corporation or nonprofit housing sponsor. (Amended by Stats. 2022, Ch. 632, Sec. 5. (SB 1252) Effective January […]
50076.6. “Loan,” for purposes of provisions relating to the agency, means an obligation to repay funds advanced by the agency for the purpose of financing housing that is evidenced by a promissory note or other instrument in writing and that may or may not be secured by real or personal property. (Added by Stats. 2000, […]
50077. “Local agency” means a city, county, city and county, or duly constituted governing body of an Indian reservation or rancheria and includes any governmental agency or local public entity to which a city, county, city and county, or duly constituted governing body of an Indian reservation or rancheria may, after a public hearing, delegate […]
