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 very low income or low-income
households.
(2) Except as provided in paragraph (5), where no local nonprofit
housing development corporation exists, plan, initiate, and carry out
the acquisition, rehabilitation, acquisition and rehabilitation, or
construction of housing and related facilities pursuant to state or
federal law, primarily for the benefit of very low income households
or low-income households, only to the extent necessary to carry out
the purposes of this chapter in raising equity capital.
(3) Establish accounts necessary to accomplish the developments or
projects described in paragraph (1).
(4) Provide technical assistance to nonprofit corporations, public
agencies, and private profit-motivated entities and individuals with
respect to housing planning, financing, acquisition, rehabilitation,
maintenance, or management to ensure continuation of the existing
low-income or very low income housing stock. The corporation may
enter into contracts with organizations or individuals receiving
technical assistance to provide for payment of services.
(5) Acquire government subsidized multifamily housing and related
facilities, occupied by low-income and very low income households,
which are at risk of conversion to market rate housing, or other non
low-income use, provided that the conditions set forth in
subparagraph (A) , (B), or (C), are met:
(A) There is no other priority purchaser, as defined in Section
231 of the federal Low Income Housing Preservation and Resident
Homeownership Act of 1990 (Public Law 101-625) as it may from time to
time be amended, in active negotiation with the owner of the housing
at the end of the first 10 months of the sale period.
(B) No priority purchaser has executed an agreement to purchase
the housing within 12 months of the sale period or a priority
purchaser cannot fulfill the terms of a purchase agreement.
(C) There is no local nonprofit organization or public agency
qualified purchaser, as defined in Section 241 of the Federal Housing
and Community Development Act of 1987 (Public Law 100-242) as it may
from time to time be amended.
(b) In order to carry out the purposes of subdivision (a), the
corporation may also do any of the following:
(1) Enter into limited partnerships with private individuals or
private or governmental corporations, agencies, organizations, and
institutions.
(2) Act as manager or general partner of any such partnership,
venture, or association.
(3) Provide technical assistance to nonprofit corporations with
respect to the planning, financing, acquisition, rehabilitation,
maintenance, or management of low-income or very low income housing
proposed to be supported by the corporation.
(4) Make loans or grants, including grants of interest in housing
and related facilities to nonprofit corporations, limited dividend
corporations, or other entities for low-income or very low income
housing to be supported by the corporation.
(5) Hire staff or hire or accept the voluntary services of
consultants, experts, or advisory boards to aid the corporation in
carrying out the purposes of this chapter.
(6) Engage in any other activities as may be necessary to carry
out the purposes of this section.
(c) In carrying out the purposes and objectives of subdivision
(a), the corporation shall do both of the following:
(1) Give priority to those housing developments which are having
trouble attracting private capital at reasonable terms and
conditions, including inner-city, rural, and small housing
developments serving lower income households and very low income
households.
(2) Seek to ensure that a maximum number of units shall be made
available for occupancy by very low income households.
(d) (1) It is the intent of the Legislature in amending this
section during the 1991-92 Regular Session, to accomplish all of the
following:
(A) To have the corporation encourage, to the greatest degree
feasible, community-based priority purchasers to purchase multifamily
housing and related facilities occupied by low-income and very low
income households that are at risk of conversion to market rate
housing and that the acquisition of this housing by the corporation
shall only occur with the corporation acting as a buyer of last
resort.
(B) To have the corporation exercise every reasonable effort to
transfer title to the housing to a tenant group, community-based
nonprofit organization, or public agency within five years from the
date the corporation acquires title consistent with the Low Income
Housing Preservation and Resident Homeownership Act of 1990 (P.L.
101-625).
(2) Nothing in this section shall be construed to require the sale
of any multifamily housing and related facilities occupied by
low-income and very low income households without the consent of the
owner.
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 limited
partnerships for the purpose of engaging in the preservation of
existing low-income or very low income housing developments or
projects in localities throughout the state.
(c) The corporation shall be a general partner or limited partner
in any partnership in which it participates. The capital of the
partnership and the contribution of the partners shall be in such
amounts and at the times which are set forth in, or pursuant to, the
partnership agreement.
(d) The partnership shall, to the extent feasible, seek maximum
participation in the decisionmaking process by the local nonprofit
housing corporation.
(e) The partnership agreement shall contain provisions designed to
assure all of the following:
(1) The partnership participates in low-income and very low income
housing developments or projects in a manner designed to encourage
the maximum participation in those housing developments by units of
local or state government.
(2) The housing acquired by the partnership shall be preserved for
occupancy by lower income households or very low income households
for the physical life of the housing if it is economically feasible,
as determined by the board of directors of the corporation. In the
event that it is not economically feasible to maintain all of the
units for lower income households and very low income households, one
or more of the rental housing units may be made available for
tenancy by households that are not lower income households or very
low income households.
(3) The partnership shall, to the extent feasible, seek those
investments for which there is either an inadequate supply of private
capital or where private investors are not committed to preserving
the housing for low-income households or very low income households
for the physical life of the housing.
(4) Any displacement of any person resulting from the activities
of the partnership shall be temporary in nature and necessary for the
rehabilitation work. Relocation benefits shall be paid to those
persons as part of the project costs.
(f) The allocation, apportionment, and taxation of income,
profits, losses, and deductions among partners shall be governed by
the laws otherwise applicable to those allocations and
apportionments.
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 very low income or low-income
households.
(2) Except as provided in paragraph (5), where no local nonprofit
housing development corporation exists, plan, initiate, and carry out
the acquisition, rehabilitation, acquisition and rehabilitation, or
construction of housing and related facilities pursuant to state or
federal law, primarily for the benefit of very low income households
or low-income households, only to the extent necessary to carry out
the purposes of this chapter in raising equity capital.
(3) Establish accounts necessary to accomplish the developments or
projects described in paragraph (1).
(4) Provide technical assistance to nonprofit corporations, public
agencies, and private profit-motivated entities and individuals with
respect to housing planning, financing, acquisition, rehabilitation,
maintenance, or management to ensure continuation of the existing
low-income or very low income housing stock. The corporation may
enter into contracts with organizations or individuals receiving
technical assistance to provide for payment of services.
(5) Acquire government subsidized multifamily housing and related
facilities, occupied by low-income and very low income households,
which are at risk of conversion to market rate housing, or other non
low-income use, provided that the conditions set forth in
subparagraph (A) , (B), or (C), are met:
(A) There is no other priority purchaser, as defined in Section
231 of the federal Low Income Housing Preservation and Resident
Homeownership Act of 1990 (Public Law 101-625) as it may from time to
time be amended, in active negotiation with the owner of the housing
at the end of the first 10 months of the sale period.
(B) No priority purchaser has executed an agreement to purchase
the housing within 12 months of the sale period or a priority
purchaser cannot fulfill the terms of a purchase agreement.
(C) There is no local nonprofit organization or public agency
qualified purchaser, as defined in Section 241 of the Federal Housing
and Community Development Act of 1987 (Public Law 100-242) as it may
from time to time be amended.
(b) In order to carry out the purposes of subdivision (a), the
corporation may also do any of the following:
(1) Enter into limited partnerships with private individuals or
private or governmental corporations, agencies, organizations, and
institutions.
(2) Act as manager or general partner of any such partnership,
venture, or association.
(3) Provide technical assistance to nonprofit corporations with
respect to the planning, financing, acquisition, rehabilitation,
maintenance, or management of low-income or very low income housing
proposed to be supported by the corporation.
(4) Make loans or grants, including grants of interest in housing
and related facilities to nonprofit corporations, limited dividend
corporations, or other entities for low-income or very low income
housing to be supported by the corporation.
(5) Hire staff or hire or accept the voluntary services of
consultants, experts, or advisory boards to aid the corporation in
carrying out the purposes of this chapter.
(6) Engage in any other activities as may be necessary to carry
out the purposes of this section.
(c) In carrying out the purposes and objectives of subdivision
(a), the corporation shall do both of the following:
(1) Give priority to those housing developments which are having
trouble attracting private capital at reasonable terms and
conditions, including inner-city, rural, and small housing
developments serving lower income households and very low income
households.
(2) Seek to ensure that a maximum number of units shall be made
available for occupancy by very low income households.
(d) (1) It is the intent of the Legislature in amending this
section during the 1991-92 Regular Session, to accomplish all of the
following:
(A) To have the corporation encourage, to the greatest degree
feasible, community-based priority purchasers to purchase multifamily
housing and related facilities occupied by low-income and very low
income households that are at risk of conversion to market rate
housing and that the acquisition of this housing by the corporation
shall only occur with the corporation acting as a buyer of last
resort.
(B) To have the corporation exercise every reasonable effort to
transfer title to the housing to a tenant group, community-based
nonprofit organization, or public agency within five years from the
date the corporation acquires title consistent with the Low Income
Housing Preservation and Resident Homeownership Act of 1990 (P.L.
101-625).
(2) Nothing in this section shall be construed to require the sale
of any multifamily housing and related facilities occupied by
low-income and very low income households without the consent of the
owner.
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 limited
partnerships for the purpose of engaging in the preservation of
existing low-income or very low income housing developments or
projects in localities throughout the state.
(c) The corporation shall be a general partner or limited partner
in any partnership in which it participates. The capital of the
partnership and the contribution of the partners shall be in such
amounts and at the times which are set forth in, or pursuant to, the
partnership agreement.
(d) The partnership shall, to the extent feasible, seek maximum
participation in the decisionmaking process by the local nonprofit
housing corporation.
(e) The partnership agreement shall contain provisions designed to
assure all of the following:
(1) The partnership participates in low-income and very low income
housing developments or projects in a manner designed to encourage
the maximum participation in those housing developments by units of
local or state government.
(2) The housing acquired by the partnership shall be preserved for
occupancy by lower income households or very low income households
for the physical life of the housing if it is economically feasible,
as determined by the board of directors of the corporation. In the
event that it is not economically feasible to maintain all of the
units for lower income households and very low income households, one
or more of the rental housing units may be made available for
tenancy by households that are not lower income households or very
low income households.
(3) The partnership shall, to the extent feasible, seek those
investments for which there is either an inadequate supply of private
capital or where private investors are not committed to preserving
the housing for low-income households or very low income households
for the physical life of the housing.
(4) Any displacement of any person resulting from the activities
of the partnership shall be temporary in nature and necessary for the
rehabilitation work. Relocation benefits shall be paid to those
persons as part of the project costs.
(f) The allocation, apportionment, and taxation of income,
profits, losses, and deductions among partners shall be governed by
the laws otherwise applicable to those allocations and
apportionments.
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 very low income or low-income
households.
(2) Except as provided in paragraph (5), where no local nonprofit
housing development corporation exists, plan, initiate, and carry out
the acquisition, rehabilitation, acquisition and rehabilitation, or
construction of housing and related facilities pursuant to state or
federal law, primarily for the benefit of very low income households
or low-income households, only to the extent necessary to carry out
the purposes of this chapter in raising equity capital.
(3) Establish accounts necessary to accomplish the developments or
projects described in paragraph (1).
(4) Provide technical assistance to nonprofit corporations, public
agencies, and private profit-motivated entities and individuals with
respect to housing planning, financing, acquisition, rehabilitation,
maintenance, or management to ensure continuation of the existing
low-income or very low income housing stock. The corporation may
enter into contracts with organizations or individuals receiving
technical assistance to provide for payment of services.
(5) Acquire government subsidized multifamily housing and related
facilities, occupied by low-income and very low income households,
which are at risk of conversion to market rate housing, or other non
low-income use, provided that the conditions set forth in
subparagraph (A) , (B), or (C), are met:
(A) There is no other priority purchaser, as defined in Section
231 of the federal Low Income Housing Preservation and Resident
Homeownership Act of 1990 (Public Law 101-625) as it may from time to
time be amended, in active negotiation with the owner of the housing
at the end of the first 10 months of the sale period.
(B) No priority purchaser has executed an agreement to purchase
the housing within 12 months of the sale period or a priority
purchaser cannot fulfill the terms of a purchase agreement.
(C) There is no local nonprofit organization or public agency
qualified purchaser, as defined in Section 241 of the Federal Housing
and Community Development Act of 1987 (Public Law 100-242) as it may
from time to time be amended.
(b) In order to carry out the purposes of subdivision (a), the
corporation may also do any of the following:
(1) Enter into limited partnerships with private individuals or
private or governmental corporations, agencies, organizations, and
institutions.
(2) Act as manager or general partner of any such partnership,
venture, or association.
(3) Provide technical assistance to nonprofit corporations with
respect to the planning, financing, acquisition, rehabilitation,
maintenance, or management of low-income or very low income housing
proposed to be supported by the corporation.
(4) Make loans or grants, including grants of interest in housing
and related facilities to nonprofit corporations, limited dividend
corporations, or other entities for low-income or very low income
housing to be supported by the corporation.
(5) Hire staff or hire or accept the voluntary services of
consultants, experts, or advisory boards to aid the corporation in
carrying out the purposes of this chapter.
(6) Engage in any other activities as may be necessary to carry
out the purposes of this section.
(c) In carrying out the purposes and objectives of subdivision
(a), the corporation shall do both of the following:
(1) Give priority to those housing developments which are having
trouble attracting private capital at reasonable terms and
conditions, including inner-city, rural, and small housing
developments serving lower income households and very low income
households.
(2) Seek to ensure that a maximum number of units shall be made
available for occupancy by very low income households.
(d) (1) It is the intent of the Legislature in amending this
section during the 1991-92 Regular Session, to accomplish all of the
following:
(A) To have the corporation encourage, to the greatest degree
feasible, community-based priority purchasers to purchase multifamily
housing and related facilities occupied by low-income and very low
income households that are at risk of conversion to market rate
housing and that the acquisition of this housing by the corporation
shall only occur with the corporation acting as a buyer of last
resort.
(B) To have the corporation exercise every reasonable effort to
transfer title to the housing to a tenant group, community-based
nonprofit organization, or public agency within five years from the
date the corporation acquires title consistent with the Low Income
Housing Preservation and Resident Homeownership Act of 1990 (P.L.
101-625).
(2) Nothing in this section shall be construed to require the sale
of any multifamily housing and related facilities occupied by
low-income and very low income households without the consent of the
owner.
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 limited
partnerships for the purpose of engaging in the preservation of
existing low-income or very low income housing developments or
projects in localities throughout the state.
(c) The corporation shall be a general partner or limited partner
in any partnership in which it participates. The capital of the
partnership and the contribution of the partners shall be in such
amounts and at the times which are set forth in, or pursuant to, the
partnership agreement.
(d) The partnership shall, to the extent feasible, seek maximum
participation in the decisionmaking process by the local nonprofit
housing corporation.
(e) The partnership agreement shall contain provisions designed to
assure all of the following:
(1) The partnership participates in low-income and very low income
housing developments or projects in a manner designed to encourage
the maximum participation in those housing developments by units of
local or state government.
(2) The housing acquired by the partnership shall be preserved for
occupancy by lower income households or very low income households
for the physical life of the housing if it is economically feasible,
as determined by the board of directors of the corporation. In the
event that it is not economically feasible to maintain all of the
units for lower income households and very low income households, one
or more of the rental housing units may be made available for
tenancy by households that are not lower income households or very
low income households.
(3) The partnership shall, to the extent feasible, seek those
investments for which there is either an inadequate supply of private
capital or where private investors are not committed to preserving
the housing for low-income households or very low income households
for the physical life of the housing.
(4) Any displacement of any person resulting from the activities
of the partnership shall be temporary in nature and necessary for the
rehabilitation work. Relocation benefits shall be paid to those
persons as part of the project costs.
(f) The allocation, apportionment, and taxation of income,
profits, losses, and deductions among partners shall be governed by
the laws otherwise applicable to those allocations and
apportionments.
