33740. The Legislature hereby finds and declares that it would be
beneficial to empower redevelopment agencies to issue tax-exempt
revenue bonds for the purpose of lending the proceeds to nonprofit
organizations exempt from federal income taxation pursuant to Section
501(c)(3) of the Internal Revenue Code of 1986, as amended (26
U.S.C. Sec. 501(c)(3)), for the housing purposes specified in Section
33741.
33741. An agency may issue bonds to provide funds to be loaned by
the agency to nonprofit organizations exempt from federal income
taxation under Section 501(c)(3) of the Internal Revenue Code of
1986, as amended (26 U.S.C. Sec. 501(c)(3)), for use by the
organization to finance the acquisition, construction,
rehabilitation, refinancing, or development of multifamily rental
housing, including mobilehome parks that are or will be nonprofit or
cooperatively owned, or both, in which residents rent spaces and
either rent or own the mobilehomes occupying these spaces, to provide
housing within the territorial jurisdiction of the agency in
accordance with the organization's tax-exempt purposes under that
federal law. The bonds shall be issued so as to satisfy the
requirements of Section 145 of the Internal Revenue Code of 1986, as
amended (26 U.S.C. Sec. 145).
33742. (a) Occupancy and rent restrictions with respect to housing
acquired pursuant to this chapter shall either meet the requirements
of subparagraphs (A) and (B) of paragraph (1) or the requirements of
paragraph (2), as follows:
(1) (A) Not less than 20 percent of the total number of units in a
multifamily rental housing development financed, or for which
financing has been extended or committed, pursuant to this chapter
from the proceeds of the sale of bonds of each bond issuance of the
agency shall be for occupancy on a priority basis by lower income
households, as defined by Section 50079.5. If a multifamily rental
housing development is located within a targeted area project, as
defined by Section 103(b)(12)(A) of Title 26 of the United States
Code, not less than 15 percent of the total number of units financed,
or for which financing has been extended or committed pursuant to
this chapter, shall be for occupancy on a priority basis by lower
income households. Not less than one-half of the units required for
occupancy on a priority basis by lower income households shall be for
occupancy on a priority basis for very low income households, as
defined by Section 50105.
(B) (i) With respect to multifamily rental developments that are
not mobilehome parks, the rental payments on the units required for
occupancy by very low income households paid by the persons occupying
the units (excluding any supplemental rental assistance from the
state, the federal government, or any other public agency to those
persons or on behalf of those units) shall not exceed 30 percent of
an amount equal to 50 percent of area median income. If the nonprofit
organization elects to establish a base rent for all or part of the
units for lower income households and very low income households, the
base rents shall be adjusted for household size. In adjusting rents
for household size for this purpose, it shall be assumed that one
person will occupy a studio unit, two persons will occupy a
one-bedroom unit, three persons will occupy a two-bedroom unit, four
persons will occupy a three-bedroom unit, and five persons will
occupy a four-bedroom unit.
(ii) With respect to mobilehome parks:
(I) Where a resident rents both the mobilehome and the space
occupied by the mobilehome, for spaces and mobilehomes required for
occupancy by very low income households, the total rental payments
paid by the household on the mobilehome and the space occupied by the
mobilehome (excluding any supplemental rental assistance from the
state, the federal government, or any other public agency to that
household or on behalf of that space and mobilehome) shall not exceed
30 percent of an amount equal to 50 percent of the area median
income, adjusted for household size as appropriate for the unit that
occupies the space.
(II) Where a resident is both the registered and legal owner of
the mobilehome, is not making mortgage payments for the purchase of
that mobilehome, and rents the space that the mobilehome occupies,
for spaces and mobilehomes required for occupancy by very low income
households, the total rental charge for occupancy of that space,
excluding a reasonable allowance for other related housing costs
determined at the time of acquisition of the mobilehome park by the
nonprofit corporation, excluding any supplemental rental assistance
from the state, the federal government, or any other public agency to
that household on behalf of that space and mobilehome, shall not
exceed 30 percent of 50 percent of the area median income, adjusted
for household size as appropriate for the unit that occupies the
space.
(III) Where a resident is the registered owner of the mobilehome,
is making mortgage payments for the purchase of that mobilehome, and
rents the space occupied by the mobilehome, for spaces and
mobilehomes required for occupancy by very low income households, the
rental charge for occupancy of a space by a mobilehome, exclusive of
any charges for utilities and storage (excluding any supplemental
rental assistance from the state, the federal government, or any
other public agency to that household or on behalf of that space and
mobilehome), shall not exceed 15 percent of 50 percent of the area
median income, adjusted for household size as appropriate for the
unit that occupies the space.
(IV) In adjusting rents for household size, either the occupancy
standards established in clause (i) of subparagraph (B) of paragraph
(1) of subdivision (a) or the alternative standards that assume that
one person will occupy a recreational vehicle, two persons will
occupy a single-wide mobilehome, and three persons will occupy a
multisectional mobilehome may be utilized.
(2) The multifamily rental housing development is a "qualified
low-income housing project," within the meaning of Section 42(g) of
the federal Internal Revenue Code (26 U.S.C. Sec. 42), because it
meets the criteria set forth in Section 42 (g)(1)(B) and (2) of the
federal Internal Revenue Code.
(b) If at the time of acquisition any of the units or mobilehome
spaces are occupied by ineligible households, that fact alone shall
neither constitute a cause for the tenant's eviction nor render the
project ineligible. Upon vacation of any unit initially occupied by
an ineligible household, that unit shall be rented to an eligible
household until the required residency by eligible households is
attained.
(c) As a condition of financing pursuant to this chapter, the
nonprofit organization shall enter into a regulatory agreement with
the agency, which shall require that units reserved for occupancy by
lower income households shall remain available on a priority basis
for occupancy for the term of the bonds issued to provide the
financing or 30 years, whichever is greater. The regulatory agreement
shall contain a provision making the covenants and conditions of the
agreement binding upon successors in interest of the nonprofit
organization. The regulatory agreement shall be recorded in the
office of the county recorder of the county in which the multifamily
rental housing development is located. The regulatory agreement shall
be recorded in the grantor-grantee index to the name of the property
owner as grantor and to the name of the agency as grantee.
33743. An agency may, in conjunction with the financing of
multifamily rental housing pursuant to this chapter, finance the
acquisition of commercial property for lease, subject to all of the
following conditions:
(a) No more than 10 percent of the proceeds of any revenue bonds
issued pursuant to this chapter may be used to acquire the commercial
property for lease.
(b) The commercial property acquired will be located on the same
parcel or on a parcel adjacent to a multifamily rental housing
development.
(c) As a condition of the financing, any lease payments collected
in excess of payments necessary for debt service, operating expenses
and any required reserves related to the property, shall be used to
reduce rents or units reserved for occupancy by lower income
households and very low income households in a multifamily rental
housing development.
33744. Whenever a complaint is received concerning a violation of
the restrictions imposed pursuant to Section 33742, the agency shall
investigate promptly and make a report to the complaining party on
whether the violation existed and whether it persists, and if it
persists, what action the agency will take to remedy the violation.
When the agency determines that a violation exists, whether
determined upon an investigation of a complaint or on its own motion,
the agency shall take all appropriate action, including necessary
legal action, to promptly eliminate the violation.
Notwithstanding other provisions of this section, any person
aggrieved by a violation of the restrictions imposed pursuant to
Section 33742 may seek a judicial remedy without regard to whether a
complaint has been made to the agency or whether the agency is then
taking any action to remedy the violation.
33745. For the purposes of this chapter, an agency shall have the
power to issue its bonds to defray, in whole or in part, the costs of
studies and surveys, insurance premiums, underwriting fees, and
legal, accounting and marketing services incurred in connection with
the issuance and sale of bonds pursuant to this chapter, including
bond and mortgage reserve accounts, trustee, custodian, and rating
agency fees, and any other costs which are reasonably related to the
foregoing.
33746. (a) Bonds issued pursuant to this chapter shall be repayable
solely from payments of principal and interest on account of the
loans funded thereby. The agency may pledge all or any portion of
these payments to secure the bonds.
(b) Neither the members of the agency nor any person executing the
bonds shall be personally liable on the bonds or be subject to any
personal liability or accountability by reason of the issuance
thereof.
(c) The exercise of the powers granted by this chapter shall be in
all respects for the benefit of the people of this state and for
their health and welfare. Any bonds issued under this chapter, their
transfer, and income therefrom shall at all times be free from
taxation of every kind by the state and by the municipalities and
political subdivisions of the state, except estate taxes.
(d) This chapter provides an alternative method for issuing bonds
and lending moneys for acquisition of multifamily rental housing by
private nonprofit organizations.
33740. The Legislature hereby finds and declares that it would be
beneficial to empower redevelopment agencies to issue tax-exempt
revenue bonds for the purpose of lending the proceeds to nonprofit
organizations exempt from federal income taxation pursuant to Section
501(c)(3) of the Internal Revenue Code of 1986, as amended (26
U.S.C. Sec. 501(c)(3)), for the housing purposes specified in Section
33741.
33741. An agency may issue bonds to provide funds to be loaned by
the agency to nonprofit organizations exempt from federal income
taxation under Section 501(c)(3) of the Internal Revenue Code of
1986, as amended (26 U.S.C. Sec. 501(c)(3)), for use by the
organization to finance the acquisition, construction,
rehabilitation, refinancing, or development of multifamily rental
housing, including mobilehome parks that are or will be nonprofit or
cooperatively owned, or both, in which residents rent spaces and
either rent or own the mobilehomes occupying these spaces, to provide
housing within the territorial jurisdiction of the agency in
accordance with the organization's tax-exempt purposes under that
federal law. The bonds shall be issued so as to satisfy the
requirements of Section 145 of the Internal Revenue Code of 1986, as
amended (26 U.S.C. Sec. 145).
33742. (a) Occupancy and rent restrictions with respect to housing
acquired pursuant to this chapter shall either meet the requirements
of subparagraphs (A) and (B) of paragraph (1) or the requirements of
paragraph (2), as follows:
(1) (A) Not less than 20 percent of the total number of units in a
multifamily rental housing development financed, or for which
financing has been extended or committed, pursuant to this chapter
from the proceeds of the sale of bonds of each bond issuance of the
agency shall be for occupancy on a priority basis by lower income
households, as defined by Section 50079.5. If a multifamily rental
housing development is located within a targeted area project, as
defined by Section 103(b)(12)(A) of Title 26 of the United States
Code, not less than 15 percent of the total number of units financed,
or for which financing has been extended or committed pursuant to
this chapter, shall be for occupancy on a priority basis by lower
income households. Not less than one-half of the units required for
occupancy on a priority basis by lower income households shall be for
occupancy on a priority basis for very low income households, as
defined by Section 50105.
(B) (i) With respect to multifamily rental developments that are
not mobilehome parks, the rental payments on the units required for
occupancy by very low income households paid by the persons occupying
the units (excluding any supplemental rental assistance from the
state, the federal government, or any other public agency to those
persons or on behalf of those units) shall not exceed 30 percent of
an amount equal to 50 percent of area median income. If the nonprofit
organization elects to establish a base rent for all or part of the
units for lower income households and very low income households, the
base rents shall be adjusted for household size. In adjusting rents
for household size for this purpose, it shall be assumed that one
person will occupy a studio unit, two persons will occupy a
one-bedroom unit, three persons will occupy a two-bedroom unit, four
persons will occupy a three-bedroom unit, and five persons will
occupy a four-bedroom unit.
(ii) With respect to mobilehome parks:
(I) Where a resident rents both the mobilehome and the space
occupied by the mobilehome, for spaces and mobilehomes required for
occupancy by very low income households, the total rental payments
paid by the household on the mobilehome and the space occupied by the
mobilehome (excluding any supplemental rental assistance from the
state, the federal government, or any other public agency to that
household or on behalf of that space and mobilehome) shall not exceed
30 percent of an amount equal to 50 percent of the area median
income, adjusted for household size as appropriate for the unit that
occupies the space.
(II) Where a resident is both the registered and legal owner of
the mobilehome, is not making mortgage payments for the purchase of
that mobilehome, and rents the space that the mobilehome occupies,
for spaces and mobilehomes required for occupancy by very low income
households, the total rental charge for occupancy of that space,
excluding a reasonable allowance for other related housing costs
determined at the time of acquisition of the mobilehome park by the
nonprofit corporation, excluding any supplemental rental assistance
from the state, the federal government, or any other public agency to
that household on behalf of that space and mobilehome, shall not
exceed 30 percent of 50 percent of the area median income, adjusted
for household size as appropriate for the unit that occupies the
space.
(III) Where a resident is the registered owner of the mobilehome,
is making mortgage payments for the purchase of that mobilehome, and
rents the space occupied by the mobilehome, for spaces and
mobilehomes required for occupancy by very low income households, the
rental charge for occupancy of a space by a mobilehome, exclusive of
any charges for utilities and storage (excluding any supplemental
rental assistance from the state, the federal government, or any
other public agency to that household or on behalf of that space and
mobilehome), shall not exceed 15 percent of 50 percent of the area
median income, adjusted for household size as appropriate for the
unit that occupies the space.
(IV) In adjusting rents for household size, either the occupancy
standards established in clause (i) of subparagraph (B) of paragraph
(1) of subdivision (a) or the alternative standards that assume that
one person will occupy a recreational vehicle, two persons will
occupy a single-wide mobilehome, and three persons will occupy a
multisectional mobilehome may be utilized.
(2) The multifamily rental housing development is a "qualified
low-income housing project," within the meaning of Section 42(g) of
the federal Internal Revenue Code (26 U.S.C. Sec. 42), because it
meets the criteria set forth in Section 42 (g)(1)(B) and (2) of the
federal Internal Revenue Code.
(b) If at the time of acquisition any of the units or mobilehome
spaces are occupied by ineligible households, that fact alone shall
neither constitute a cause for the tenant's eviction nor render the
project ineligible. Upon vacation of any unit initially occupied by
an ineligible household, that unit shall be rented to an eligible
household until the required residency by eligible households is
attained.
(c) As a condition of financing pursuant to this chapter, the
nonprofit organization shall enter into a regulatory agreement with
the agency, which shall require that units reserved for occupancy by
lower income households shall remain available on a priority basis
for occupancy for the term of the bonds issued to provide the
financing or 30 years, whichever is greater. The regulatory agreement
shall contain a provision making the covenants and conditions of the
agreement binding upon successors in interest of the nonprofit
organization. The regulatory agreement shall be recorded in the
office of the county recorder of the county in which the multifamily
rental housing development is located. The regulatory agreement shall
be recorded in the grantor-grantee index to the name of the property
owner as grantor and to the name of the agency as grantee.
33743. An agency may, in conjunction with the financing of
multifamily rental housing pursuant to this chapter, finance the
acquisition of commercial property for lease, subject to all of the
following conditions:
(a) No more than 10 percent of the proceeds of any revenue bonds
issued pursuant to this chapter may be used to acquire the commercial
property for lease.
(b) The commercial property acquired will be located on the same
parcel or on a parcel adjacent to a multifamily rental housing
development.
(c) As a condition of the financing, any lease payments collected
in excess of payments necessary for debt service, operating expenses
and any required reserves related to the property, shall be used to
reduce rents or units reserved for occupancy by lower income
households and very low income households in a multifamily rental
housing development.
33744. Whenever a complaint is received concerning a violation of
the restrictions imposed pursuant to Section 33742, the agency shall
investigate promptly and make a report to the complaining party on
whether the violation existed and whether it persists, and if it
persists, what action the agency will take to remedy the violation.
When the agency determines that a violation exists, whether
determined upon an investigation of a complaint or on its own motion,
the agency shall take all appropriate action, including necessary
legal action, to promptly eliminate the violation.
Notwithstanding other provisions of this section, any person
aggrieved by a violation of the restrictions imposed pursuant to
Section 33742 may seek a judicial remedy without regard to whether a
complaint has been made to the agency or whether the agency is then
taking any action to remedy the violation.
33745. For the purposes of this chapter, an agency shall have the
power to issue its bonds to defray, in whole or in part, the costs of
studies and surveys, insurance premiums, underwriting fees, and
legal, accounting and marketing services incurred in connection with
the issuance and sale of bonds pursuant to this chapter, including
bond and mortgage reserve accounts, trustee, custodian, and rating
agency fees, and any other costs which are reasonably related to the
foregoing.
33746. (a) Bonds issued pursuant to this chapter shall be repayable
solely from payments of principal and interest on account of the
loans funded thereby. The agency may pledge all or any portion of
these payments to secure the bonds.
(b) Neither the members of the agency nor any person executing the
bonds shall be personally liable on the bonds or be subject to any
personal liability or accountability by reason of the issuance
thereof.
(c) The exercise of the powers granted by this chapter shall be in
all respects for the benefit of the people of this state and for
their health and welfare. Any bonds issued under this chapter, their
transfer, and income therefrom shall at all times be free from
taxation of every kind by the state and by the municipalities and
political subdivisions of the state, except estate taxes.
(d) This chapter provides an alternative method for issuing bonds
and lending moneys for acquisition of multifamily rental housing by
private nonprofit organizations.
33740. The Legislature hereby finds and declares that it would be
beneficial to empower redevelopment agencies to issue tax-exempt
revenue bonds for the purpose of lending the proceeds to nonprofit
organizations exempt from federal income taxation pursuant to Section
501(c)(3) of the Internal Revenue Code of 1986, as amended (26
U.S.C. Sec. 501(c)(3)), for the housing purposes specified in Section
33741.
33741. An agency may issue bonds to provide funds to be loaned by
the agency to nonprofit organizations exempt from federal income
taxation under Section 501(c)(3) of the Internal Revenue Code of
1986, as amended (26 U.S.C. Sec. 501(c)(3)), for use by the
organization to finance the acquisition, construction,
rehabilitation, refinancing, or development of multifamily rental
housing, including mobilehome parks that are or will be nonprofit or
cooperatively owned, or both, in which residents rent spaces and
either rent or own the mobilehomes occupying these spaces, to provide
housing within the territorial jurisdiction of the agency in
accordance with the organization's tax-exempt purposes under that
federal law. The bonds shall be issued so as to satisfy the
requirements of Section 145 of the Internal Revenue Code of 1986, as
amended (26 U.S.C. Sec. 145).
33742. (a) Occupancy and rent restrictions with respect to housing
acquired pursuant to this chapter shall either meet the requirements
of subparagraphs (A) and (B) of paragraph (1) or the requirements of
paragraph (2), as follows:
(1) (A) Not less than 20 percent of the total number of units in a
multifamily rental housing development financed, or for which
financing has been extended or committed, pursuant to this chapter
from the proceeds of the sale of bonds of each bond issuance of the
agency shall be for occupancy on a priority basis by lower income
households, as defined by Section 50079.5. If a multifamily rental
housing development is located within a targeted area project, as
defined by Section 103(b)(12)(A) of Title 26 of the United States
Code, not less than 15 percent of the total number of units financed,
or for which financing has been extended or committed pursuant to
this chapter, shall be for occupancy on a priority basis by lower
income households. Not less than one-half of the units required for
occupancy on a priority basis by lower income households shall be for
occupancy on a priority basis for very low income households, as
defined by Section 50105.
(B) (i) With respect to multifamily rental developments that are
not mobilehome parks, the rental payments on the units required for
occupancy by very low income households paid by the persons occupying
the units (excluding any supplemental rental assistance from the
state, the federal government, or any other public agency to those
persons or on behalf of those units) shall not exceed 30 percent of
an amount equal to 50 percent of area median income. If the nonprofit
organization elects to establish a base rent for all or part of the
units for lower income households and very low income households, the
base rents shall be adjusted for household size. In adjusting rents
for household size for this purpose, it shall be assumed that one
person will occupy a studio unit, two persons will occupy a
one-bedroom unit, three persons will occupy a two-bedroom unit, four
persons will occupy a three-bedroom unit, and five persons will
occupy a four-bedroom unit.
(ii) With respect to mobilehome parks:
(I) Where a resident rents both the mobilehome and the space
occupied by the mobilehome, for spaces and mobilehomes required for
occupancy by very low income households, the total rental payments
paid by the household on the mobilehome and the space occupied by the
mobilehome (excluding any supplemental rental assistance from the
state, the federal government, or any other public agency to that
household or on behalf of that space and mobilehome) shall not exceed
30 percent of an amount equal to 50 percent of the area median
income, adjusted for household size as appropriate for the unit that
occupies the space.
(II) Where a resident is both the registered and legal owner of
the mobilehome, is not making mortgage payments for the purchase of
that mobilehome, and rents the space that the mobilehome occupies,
for spaces and mobilehomes required for occupancy by very low income
households, the total rental charge for occupancy of that space,
excluding a reasonable allowance for other related housing costs
determined at the time of acquisition of the mobilehome park by the
nonprofit corporation, excluding any supplemental rental assistance
from the state, the federal government, or any other public agency to
that household on behalf of that space and mobilehome, shall not
exceed 30 percent of 50 percent of the area median income, adjusted
for household size as appropriate for the unit that occupies the
space.
(III) Where a resident is the registered owner of the mobilehome,
is making mortgage payments for the purchase of that mobilehome, and
rents the space occupied by the mobilehome, for spaces and
mobilehomes required for occupancy by very low income households, the
rental charge for occupancy of a space by a mobilehome, exclusive of
any charges for utilities and storage (excluding any supplemental
rental assistance from the state, the federal government, or any
other public agency to that household or on behalf of that space and
mobilehome), shall not exceed 15 percent of 50 percent of the area
median income, adjusted for household size as appropriate for the
unit that occupies the space.
(IV) In adjusting rents for household size, either the occupancy
standards established in clause (i) of subparagraph (B) of paragraph
(1) of subdivision (a) or the alternative standards that assume that
one person will occupy a recreational vehicle, two persons will
occupy a single-wide mobilehome, and three persons will occupy a
multisectional mobilehome may be utilized.
(2) The multifamily rental housing development is a "qualified
low-income housing project," within the meaning of Section 42(g) of
the federal Internal Revenue Code (26 U.S.C. Sec. 42), because it
meets the criteria set forth in Section 42 (g)(1)(B) and (2) of the
federal Internal Revenue Code.
(b) If at the time of acquisition any of the units or mobilehome
spaces are occupied by ineligible households, that fact alone shall
neither constitute a cause for the tenant's eviction nor render the
project ineligible. Upon vacation of any unit initially occupied by
an ineligible household, that unit shall be rented to an eligible
household until the required residency by eligible households is
attained.
(c) As a condition of financing pursuant to this chapter, the
nonprofit organization shall enter into a regulatory agreement with
the agency, which shall require that units reserved for occupancy by
lower income households shall remain available on a priority basis
for occupancy for the term of the bonds issued to provide the
financing or 30 years, whichever is greater. The regulatory agreement
shall contain a provision making the covenants and conditions of the
agreement binding upon successors in interest of the nonprofit
organization. The regulatory agreement shall be recorded in the
office of the county recorder of the county in which the multifamily
rental housing development is located. The regulatory agreement shall
be recorded in the grantor-grantee index to the name of the property
owner as grantor and to the name of the agency as grantee.
33743. An agency may, in conjunction with the financing of
multifamily rental housing pursuant to this chapter, finance the
acquisition of commercial property for lease, subject to all of the
following conditions:
(a) No more than 10 percent of the proceeds of any revenue bonds
issued pursuant to this chapter may be used to acquire the commercial
property for lease.
(b) The commercial property acquired will be located on the same
parcel or on a parcel adjacent to a multifamily rental housing
development.
(c) As a condition of the financing, any lease payments collected
in excess of payments necessary for debt service, operating expenses
and any required reserves related to the property, shall be used to
reduce rents or units reserved for occupancy by lower income
households and very low income households in a multifamily rental
housing development.
33744. Whenever a complaint is received concerning a violation of
the restrictions imposed pursuant to Section 33742, the agency shall
investigate promptly and make a report to the complaining party on
whether the violation existed and whether it persists, and if it
persists, what action the agency will take to remedy the violation.
When the agency determines that a violation exists, whether
determined upon an investigation of a complaint or on its own motion,
the agency shall take all appropriate action, including necessary
legal action, to promptly eliminate the violation.
Notwithstanding other provisions of this section, any person
aggrieved by a violation of the restrictions imposed pursuant to
Section 33742 may seek a judicial remedy without regard to whether a
complaint has been made to the agency or whether the agency is then
taking any action to remedy the violation.
33745. For the purposes of this chapter, an agency shall have the
power to issue its bonds to defray, in whole or in part, the costs of
studies and surveys, insurance premiums, underwriting fees, and
legal, accounting and marketing services incurred in connection with
the issuance and sale of bonds pursuant to this chapter, including
bond and mortgage reserve accounts, trustee, custodian, and rating
agency fees, and any other costs which are reasonably related to the
foregoing.
33746. (a) Bonds issued pursuant to this chapter shall be repayable
solely from payments of principal and interest on account of the
loans funded thereby. The agency may pledge all or any portion of
these payments to secure the bonds.
(b) Neither the members of the agency nor any person executing the
bonds shall be personally liable on the bonds or be subject to any
personal liability or accountability by reason of the issuance
thereof.
(c) The exercise of the powers granted by this chapter shall be in
all respects for the benefit of the people of this state and for
their health and welfare. Any bonds issued under this chapter, their
transfer, and income therefrom shall at all times be free from
taxation of every kind by the state and by the municipalities and
political subdivisions of the state, except estate taxes.
(d) This chapter provides an alternative method for issuing bonds
and lending moneys for acquisition of multifamily rental housing by
private nonprofit organizations.
