SECTIONS 52090-52092

52090.  This article constitutes an alternative method for citiesand counties to issue bonds for making construction loans andmortgage loans for multifamily rental housing developments pursuantto the provisions of this chapter.52090.5.  The agency and any city or county may enter into anagreement which provides that the agency may sell bonds authorizedpursuant to Chapter 4 (commencing with Section 52030) for the city orcounty and operate a program with the proceeds of the sale for thepurpose of providing funds for construction loans and mortgage loansfor multifamily rental housing developments within the city or countyand for the provision of capital improvements in connection with anddetermined necessary to the multifamily rental housing.52091.  Any agreement made pursuant to Section 52090.5 shall containall of the following provisions: (a) Limitations on the maximum amount of bonds to be issued by acity or county. (b) A requirement that all bonds and any prospectus in connectionwith the bonds contain a legend condition to the following effect:"Neither the faith and credit of the State of California or theagency nor the taxing power of the state is pledged to the payment ofprincipal or interest on this bond." (c) A requirement that the agency approve the bond counselselected by the city or county. (d) The designation of criteria for multifamily rental housingdevelopments eligible for financing; the number of units which shallbe available for occupancy by persons of low income, which shall notbe less than 20 percent of the total units; the amount to beallocated to a bond reserve fund; and, any other matters which theagency finds necessary or desirable. (e) That the agency shall make construction loans and mortgageloans for multifamily rental housing developed within the city orcounty. (f) That the agency shall supervise all construction andmanagement of multifamily rental housing developments financedpursuant to this chapter on behalf of the city or county, and withthe same powers and duties under this chapter, to ensure that allrequirements of this part are met.52091.5.  Bonds issued pursuant to this article shall not be deemedbonds of the agency for the purposes of any limitations contained inSection 51350.52092.  The agency shall adopt uniform regulations foradministration of local programs under this article. Local programsconducted by the agency under this article shall be administered in amanner consistent with this chapter.