52000. The Legislature finds and declares that the subject of
housing is of vital importance to the health, safety, and welfare of
the residents of this state, for the following reasons:
(a) Decent housing is an essential motivating force in helping
people achieve self-fulfillment in a free and democratic society.
(b) Unsanitary, unsafe, overcrowded, or congested dwelling
accommodations constitute conditions which cause an increase in and
spread of, disease and crime.
(c) A healthy housing market is one in which residents of this
state have a choice of housing opportunities and one in which the
housing consumer may effectively choose within the free marketplace.
52001. The Legislature finds and declares that there exists within
the state a serious shortage of decent, safe, and sanitary housing
which is affordable to many persons in the state. This shortage is
exacerbated during periods of rising interest rates, particularly as
high interest rates have the effect of diminishing the number of
otherwise creditworthy buyers from qualifying for private sector
mortgage capital sources. In order to remedy this adverse effect on
potential home buyers on the lower end of the purchasing spectrum, it
is necessary to implement a public program to reduce the cost of
mortgage financing for single-family purchases for those persons
unable to compete for mortgage financing in the conventional mortgage
market.
52002. The Legislature finds and declares that it is necessary and
essential that counties and cities be authorized to directly or
indirectly make long-term, low-interest loans to persons not
presently eligible for financing through private sector lending
institutions to finance construction, rehabilitation, and acquisition
of homes in order to encourage investment and upgrade local areas.
52003. The Legislature finds and declares that in order to preserve
a healthy housing market and avoid a two-tier market where publicly
subsidized mortgage capital supplants mortgage capital supplied by
private financial institutions, it is necessary for the lending
programs of cities and counties to be sufficiently targeted to avoid
competition with private sector mortgage lenders, and further that
revenue bond financing of mortgage lending by cities and counties be
reasonably constrained to avoid disruption of bond markets and the
credit standing of the state and its political subdivisions.
52004. The Legislature finds and declares that the present shortage
of decent, safe, and sanitary housing available to potential
purchasers in the lower end of the buying spectrum is particularly
inimical to the health of the housing economy and, with few
exceptions, beyond the capability of private enterprise acting alone
to cure, and a public purpose is served by public-private efforts to
reduce cost of financing single-family homes for this class of
purchasers.
52005. The Legislature finds and declares that the revenue bonds
provided for in this part are to be used to complement and not
compete with home loans made from private sector sources, so as to
substantially lower the cost of single-family home financing and meet
a demand for housing financing which cannot otherwise be met.
52006. The Legislature finds and declares that the authority to
issue revenue bonds to aid in the financing of home purchase is
needed in the cities and the counties of the state and that it is in
the public interest and serves a public purpose by providing
financing for decent, safe, and sanitary housing that people in the
lower end of the purchasing spectrum can afford and is a function
pertaining to the government and affairs of the cities and the
counties of the state.
52007. The Legislature finds and declares that the establishment of
basic procedures for the issuance of revenue bonds to finance the
purchase of residential housing and the costs of home ownership is
necessary and desirable to provide clarity in law and direction for
subsequent actions.
52008. The Legislature finds and declares that the construction of
federally assisted housing for persons and families of low or
moderate income is not a primary purpose of this part. However,
nothing in this part shall be deemed to prohibit financing of
federally assisted housing for persons and families of low or
moderate income.
52009. The Legislature finds and declares all of the following:
(a) The ownership and occupancy of a home is a fundamental element
in the fabric of the American way of life.
(b) The rapid appreciation in the value of homes in California
which has occurred and is accelerating in recent years has made it
impossible for many young persons and families who have never owned
their own home to obtain the necessary financing to purchase their
own home.
(c) Rising costs and resulting inability of first-time homebuyers
to purchase their first home is inimical to the welfare of a
substantial segment of the population and, with few exceptions,
beyond the capability of private enterprise acting alone to cure, and
a public purpose is served by facilitating the entry into the
housing market of first-time homebuyers who would be unable to
finance the purchase of their first home without the kind of
financial assistance provided by this part.
(d) Authorization for the making of home mortgages to first-time
homebuyers by cities and counties under this part will enable many
persons and families who are otherwise unable to do so to take out a
loan for the purpose of becoming a homeowner for the first time.
52000. The Legislature finds and declares that the subject of
housing is of vital importance to the health, safety, and welfare of
the residents of this state, for the following reasons:
(a) Decent housing is an essential motivating force in helping
people achieve self-fulfillment in a free and democratic society.
(b) Unsanitary, unsafe, overcrowded, or congested dwelling
accommodations constitute conditions which cause an increase in and
spread of, disease and crime.
(c) A healthy housing market is one in which residents of this
state have a choice of housing opportunities and one in which the
housing consumer may effectively choose within the free marketplace.
52001. The Legislature finds and declares that there exists within
the state a serious shortage of decent, safe, and sanitary housing
which is affordable to many persons in the state. This shortage is
exacerbated during periods of rising interest rates, particularly as
high interest rates have the effect of diminishing the number of
otherwise creditworthy buyers from qualifying for private sector
mortgage capital sources. In order to remedy this adverse effect on
potential home buyers on the lower end of the purchasing spectrum, it
is necessary to implement a public program to reduce the cost of
mortgage financing for single-family purchases for those persons
unable to compete for mortgage financing in the conventional mortgage
market.
52002. The Legislature finds and declares that it is necessary and
essential that counties and cities be authorized to directly or
indirectly make long-term, low-interest loans to persons not
presently eligible for financing through private sector lending
institutions to finance construction, rehabilitation, and acquisition
of homes in order to encourage investment and upgrade local areas.
52003. The Legislature finds and declares that in order to preserve
a healthy housing market and avoid a two-tier market where publicly
subsidized mortgage capital supplants mortgage capital supplied by
private financial institutions, it is necessary for the lending
programs of cities and counties to be sufficiently targeted to avoid
competition with private sector mortgage lenders, and further that
revenue bond financing of mortgage lending by cities and counties be
reasonably constrained to avoid disruption of bond markets and the
credit standing of the state and its political subdivisions.
52004. The Legislature finds and declares that the present shortage
of decent, safe, and sanitary housing available to potential
purchasers in the lower end of the buying spectrum is particularly
inimical to the health of the housing economy and, with few
exceptions, beyond the capability of private enterprise acting alone
to cure, and a public purpose is served by public-private efforts to
reduce cost of financing single-family homes for this class of
purchasers.
52005. The Legislature finds and declares that the revenue bonds
provided for in this part are to be used to complement and not
compete with home loans made from private sector sources, so as to
substantially lower the cost of single-family home financing and meet
a demand for housing financing which cannot otherwise be met.
52006. The Legislature finds and declares that the authority to
issue revenue bonds to aid in the financing of home purchase is
needed in the cities and the counties of the state and that it is in
the public interest and serves a public purpose by providing
financing for decent, safe, and sanitary housing that people in the
lower end of the purchasing spectrum can afford and is a function
pertaining to the government and affairs of the cities and the
counties of the state.
52007. The Legislature finds and declares that the establishment of
basic procedures for the issuance of revenue bonds to finance the
purchase of residential housing and the costs of home ownership is
necessary and desirable to provide clarity in law and direction for
subsequent actions.
52008. The Legislature finds and declares that the construction of
federally assisted housing for persons and families of low or
moderate income is not a primary purpose of this part. However,
nothing in this part shall be deemed to prohibit financing of
federally assisted housing for persons and families of low or
moderate income.
52009. The Legislature finds and declares all of the following:
(a) The ownership and occupancy of a home is a fundamental element
in the fabric of the American way of life.
(b) The rapid appreciation in the value of homes in California
which has occurred and is accelerating in recent years has made it
impossible for many young persons and families who have never owned
their own home to obtain the necessary financing to purchase their
own home.
(c) Rising costs and resulting inability of first-time homebuyers
to purchase their first home is inimical to the welfare of a
substantial segment of the population and, with few exceptions,
beyond the capability of private enterprise acting alone to cure, and
a public purpose is served by facilitating the entry into the
housing market of first-time homebuyers who would be unable to
finance the purchase of their first home without the kind of
financial assistance provided by this part.
(d) Authorization for the making of home mortgages to first-time
homebuyers by cities and counties under this part will enable many
persons and families who are otherwise unable to do so to take out a
loan for the purpose of becoming a homeowner for the first time.
52000. The Legislature finds and declares that the subject of
housing is of vital importance to the health, safety, and welfare of
the residents of this state, for the following reasons:
(a) Decent housing is an essential motivating force in helping
people achieve self-fulfillment in a free and democratic society.
(b) Unsanitary, unsafe, overcrowded, or congested dwelling
accommodations constitute conditions which cause an increase in and
spread of, disease and crime.
(c) A healthy housing market is one in which residents of this
state have a choice of housing opportunities and one in which the
housing consumer may effectively choose within the free marketplace.
52001. The Legislature finds and declares that there exists within
the state a serious shortage of decent, safe, and sanitary housing
which is affordable to many persons in the state. This shortage is
exacerbated during periods of rising interest rates, particularly as
high interest rates have the effect of diminishing the number of
otherwise creditworthy buyers from qualifying for private sector
mortgage capital sources. In order to remedy this adverse effect on
potential home buyers on the lower end of the purchasing spectrum, it
is necessary to implement a public program to reduce the cost of
mortgage financing for single-family purchases for those persons
unable to compete for mortgage financing in the conventional mortgage
market.
52002. The Legislature finds and declares that it is necessary and
essential that counties and cities be authorized to directly or
indirectly make long-term, low-interest loans to persons not
presently eligible for financing through private sector lending
institutions to finance construction, rehabilitation, and acquisition
of homes in order to encourage investment and upgrade local areas.
52003. The Legislature finds and declares that in order to preserve
a healthy housing market and avoid a two-tier market where publicly
subsidized mortgage capital supplants mortgage capital supplied by
private financial institutions, it is necessary for the lending
programs of cities and counties to be sufficiently targeted to avoid
competition with private sector mortgage lenders, and further that
revenue bond financing of mortgage lending by cities and counties be
reasonably constrained to avoid disruption of bond markets and the
credit standing of the state and its political subdivisions.
52004. The Legislature finds and declares that the present shortage
of decent, safe, and sanitary housing available to potential
purchasers in the lower end of the buying spectrum is particularly
inimical to the health of the housing economy and, with few
exceptions, beyond the capability of private enterprise acting alone
to cure, and a public purpose is served by public-private efforts to
reduce cost of financing single-family homes for this class of
purchasers.
52005. The Legislature finds and declares that the revenue bonds
provided for in this part are to be used to complement and not
compete with home loans made from private sector sources, so as to
substantially lower the cost of single-family home financing and meet
a demand for housing financing which cannot otherwise be met.
52006. The Legislature finds and declares that the authority to
issue revenue bonds to aid in the financing of home purchase is
needed in the cities and the counties of the state and that it is in
the public interest and serves a public purpose by providing
financing for decent, safe, and sanitary housing that people in the
lower end of the purchasing spectrum can afford and is a function
pertaining to the government and affairs of the cities and the
counties of the state.
52007. The Legislature finds and declares that the establishment of
basic procedures for the issuance of revenue bonds to finance the
purchase of residential housing and the costs of home ownership is
necessary and desirable to provide clarity in law and direction for
subsequent actions.
52008. The Legislature finds and declares that the construction of
federally assisted housing for persons and families of low or
moderate income is not a primary purpose of this part. However,
nothing in this part shall be deemed to prohibit financing of
federally assisted housing for persons and families of low or
moderate income.
52009. The Legislature finds and declares all of the following:
(a) The ownership and occupancy of a home is a fundamental element
in the fabric of the American way of life.
(b) The rapid appreciation in the value of homes in California
which has occurred and is accelerating in recent years has made it
impossible for many young persons and families who have never owned
their own home to obtain the necessary financing to purchase their
own home.
(c) Rising costs and resulting inability of first-time homebuyers
to purchase their first home is inimical to the welfare of a
substantial segment of the population and, with few exceptions,
beyond the capability of private enterprise acting alone to cure, and
a public purpose is served by facilitating the entry into the
housing market of first-time homebuyers who would be unable to
finance the purchase of their first home without the kind of
financial assistance provided by this part.
(d) Authorization for the making of home mortgages to first-time
homebuyers by cities and counties under this part will enable many
persons and families who are otherwise unable to do so to take out a
loan for the purpose of becoming a homeowner for the first time.
