51100. Subject to the limitations prescribed by Article 4
(commencing with Section 51175), the agency may make, or undertake
commitments to make, development loans, construction loans, property
improvement loans, mortgage loans, and advances in anticipation of
such loans to housing sponsors to finance housing developments and
residential structures.
The agency shall not issue more than two hundred million dollars
($200,000,000) of its authorized revenue bond authority in aggregate
principal amount of bonds in any one calendar year to finance,
directly or indirectly, construction loans for which the agency is
not providing a mortgage loan, exclusive of bonds issued to refund or
renew bonds of the agency previously issued for those purposes.
51101. The agency may make and publish rules and regulations
respecting the making of development loans, construction loans,
property improvement loans, and mortgage loans pursuant to this part,
the terms and conditions upon which such loans may be made to
housing sponsors, the admission of tenants to a housing development,
the inclusion of nonhousing facilities in housing developments, the
construction of nonhousing facilities, and supervision of housing
sponsors, including housing sponsors owning and occupying a housing
development.
51102. The agency shall enter into regulatory contracts and other
agreements with housing sponsors receiving loans under the provisions
of this part.
51103. Prior to the commitment of moneys under this part for a
mortgage loan on a housing development as provided in Article 1
(commencing with Section 51100), Article 2 (commencing with Section
51125), Article 3 (commencing with Section 51150), and Article 4
(commencing with Section 51175), the agency shall take adequate
measures to assure (a) the economic feasibility of the housing
development, (b) the financial eligibility of the housing sponsors
and tenants, (c) the consistency of the proposed housing developement
with the current housing objectives of the agency, (d) the
sufficiency of access of the housing development to supporting social
services, public mass transit services and other transportation,
schools, employment, and retail merchants, and (e) that the location
of the proposed housing development is consistent with the agency's
policies of dispersing housing developments throughout communities
and of avoiding undue concentration of lower income households.
Wherever possible, the agency shall verify these facts before
financing is committed.
In providing for dispersal of housing developments, the agency
shall consider economic feasibility, which shall be determined in
light of all relevant factors, including the assistance programs and
funds which could be utilized to reduce costs. Nothing in this
section shall prohibit the agency from financing housing developments
in neighborhood preservation areas in a manner that would otherwise
be in conflict with the agency's policies respecting dispersal of
housing developments or concentration of lower income households,
where necessary to accomplish the purposes for which financing or
loan insurance is made available by the agency in the area.
51104. Notwithstanding any other provisions of this part, only the
following types of housing developments and residential structures
are eligible for mortgage loans made with the proceeds of bonds:
(a) Housing developments and residential structures financed with
bonds of the agency guaranteed by the federal government.
(b) Housing developments and residential structures financed with
bonds of the agency that are guaranteed, or the time payment of
principal and interest of which is insured, by an agency of the state
or by a private insuring entity authorized to engage in that
business.
(c) Housing developments and residential structures, the mortgage
loans on which presently are or are expected to be guaranteed,
insured, or coinsured by the federal government.
(d) Housing developments and residential structures, the bonds or
mortgage loans on which are presently, or are expected to be, insured
or guaranteed in whole or in part by an agency of the state,
including the California Housing Finance Agency, a political
subdivision of the state, or by a private insuring entity authorized
to engage in that business, or by any combination thereof, in
percentages determined by the agency.
(e) Housing developments and residential structures financed by a
loan made by the agency to a qualified mortgage lender, if both of
the following conditions are met:
(1) The loan to the qualified mortgage lender is a general
obligation of the mortgage lender.
(2) The qualified mortgage lender is a member of, or a subsidiary
of a member of, the Federal Deposit Insurance Corporation or of the
Federal Savings and Loan Insurance Corporation.
(f) Housing developments and residential structures financed by
tax-exempt bonds for which a bond reserve fund is created which
complies with the terms and conditions of the agreement or agreements
with agency bondholders.
51100. Subject to the limitations prescribed by Article 4
(commencing with Section 51175), the agency may make, or undertake
commitments to make, development loans, construction loans, property
improvement loans, mortgage loans, and advances in anticipation of
such loans to housing sponsors to finance housing developments and
residential structures.
The agency shall not issue more than two hundred million dollars
($200,000,000) of its authorized revenue bond authority in aggregate
principal amount of bonds in any one calendar year to finance,
directly or indirectly, construction loans for which the agency is
not providing a mortgage loan, exclusive of bonds issued to refund or
renew bonds of the agency previously issued for those purposes.
51101. The agency may make and publish rules and regulations
respecting the making of development loans, construction loans,
property improvement loans, and mortgage loans pursuant to this part,
the terms and conditions upon which such loans may be made to
housing sponsors, the admission of tenants to a housing development,
the inclusion of nonhousing facilities in housing developments, the
construction of nonhousing facilities, and supervision of housing
sponsors, including housing sponsors owning and occupying a housing
development.
51102. The agency shall enter into regulatory contracts and other
agreements with housing sponsors receiving loans under the provisions
of this part.
51103. Prior to the commitment of moneys under this part for a
mortgage loan on a housing development as provided in Article 1
(commencing with Section 51100), Article 2 (commencing with Section
51125), Article 3 (commencing with Section 51150), and Article 4
(commencing with Section 51175), the agency shall take adequate
measures to assure (a) the economic feasibility of the housing
development, (b) the financial eligibility of the housing sponsors
and tenants, (c) the consistency of the proposed housing developement
with the current housing objectives of the agency, (d) the
sufficiency of access of the housing development to supporting social
services, public mass transit services and other transportation,
schools, employment, and retail merchants, and (e) that the location
of the proposed housing development is consistent with the agency's
policies of dispersing housing developments throughout communities
and of avoiding undue concentration of lower income households.
Wherever possible, the agency shall verify these facts before
financing is committed.
In providing for dispersal of housing developments, the agency
shall consider economic feasibility, which shall be determined in
light of all relevant factors, including the assistance programs and
funds which could be utilized to reduce costs. Nothing in this
section shall prohibit the agency from financing housing developments
in neighborhood preservation areas in a manner that would otherwise
be in conflict with the agency's policies respecting dispersal of
housing developments or concentration of lower income households,
where necessary to accomplish the purposes for which financing or
loan insurance is made available by the agency in the area.
51104. Notwithstanding any other provisions of this part, only the
following types of housing developments and residential structures
are eligible for mortgage loans made with the proceeds of bonds:
(a) Housing developments and residential structures financed with
bonds of the agency guaranteed by the federal government.
(b) Housing developments and residential structures financed with
bonds of the agency that are guaranteed, or the time payment of
principal and interest of which is insured, by an agency of the state
or by a private insuring entity authorized to engage in that
business.
(c) Housing developments and residential structures, the mortgage
loans on which presently are or are expected to be guaranteed,
insured, or coinsured by the federal government.
(d) Housing developments and residential structures, the bonds or
mortgage loans on which are presently, or are expected to be, insured
or guaranteed in whole or in part by an agency of the state,
including the California Housing Finance Agency, a political
subdivision of the state, or by a private insuring entity authorized
to engage in that business, or by any combination thereof, in
percentages determined by the agency.
(e) Housing developments and residential structures financed by a
loan made by the agency to a qualified mortgage lender, if both of
the following conditions are met:
(1) The loan to the qualified mortgage lender is a general
obligation of the mortgage lender.
(2) The qualified mortgage lender is a member of, or a subsidiary
of a member of, the Federal Deposit Insurance Corporation or of the
Federal Savings and Loan Insurance Corporation.
(f) Housing developments and residential structures financed by
tax-exempt bonds for which a bond reserve fund is created which
complies with the terms and conditions of the agreement or agreements
with agency bondholders.
51100. Subject to the limitations prescribed by Article 4
(commencing with Section 51175), the agency may make, or undertake
commitments to make, development loans, construction loans, property
improvement loans, mortgage loans, and advances in anticipation of
such loans to housing sponsors to finance housing developments and
residential structures.
The agency shall not issue more than two hundred million dollars
($200,000,000) of its authorized revenue bond authority in aggregate
principal amount of bonds in any one calendar year to finance,
directly or indirectly, construction loans for which the agency is
not providing a mortgage loan, exclusive of bonds issued to refund or
renew bonds of the agency previously issued for those purposes.
51101. The agency may make and publish rules and regulations
respecting the making of development loans, construction loans,
property improvement loans, and mortgage loans pursuant to this part,
the terms and conditions upon which such loans may be made to
housing sponsors, the admission of tenants to a housing development,
the inclusion of nonhousing facilities in housing developments, the
construction of nonhousing facilities, and supervision of housing
sponsors, including housing sponsors owning and occupying a housing
development.
51102. The agency shall enter into regulatory contracts and other
agreements with housing sponsors receiving loans under the provisions
of this part.
51103. Prior to the commitment of moneys under this part for a
mortgage loan on a housing development as provided in Article 1
(commencing with Section 51100), Article 2 (commencing with Section
51125), Article 3 (commencing with Section 51150), and Article 4
(commencing with Section 51175), the agency shall take adequate
measures to assure (a) the economic feasibility of the housing
development, (b) the financial eligibility of the housing sponsors
and tenants, (c) the consistency of the proposed housing developement
with the current housing objectives of the agency, (d) the
sufficiency of access of the housing development to supporting social
services, public mass transit services and other transportation,
schools, employment, and retail merchants, and (e) that the location
of the proposed housing development is consistent with the agency's
policies of dispersing housing developments throughout communities
and of avoiding undue concentration of lower income households.
Wherever possible, the agency shall verify these facts before
financing is committed.
In providing for dispersal of housing developments, the agency
shall consider economic feasibility, which shall be determined in
light of all relevant factors, including the assistance programs and
funds which could be utilized to reduce costs. Nothing in this
section shall prohibit the agency from financing housing developments
in neighborhood preservation areas in a manner that would otherwise
be in conflict with the agency's policies respecting dispersal of
housing developments or concentration of lower income households,
where necessary to accomplish the purposes for which financing or
loan insurance is made available by the agency in the area.
51104. Notwithstanding any other provisions of this part, only the
following types of housing developments and residential structures
are eligible for mortgage loans made with the proceeds of bonds:
(a) Housing developments and residential structures financed with
bonds of the agency guaranteed by the federal government.
(b) Housing developments and residential structures financed with
bonds of the agency that are guaranteed, or the time payment of
principal and interest of which is insured, by an agency of the state
or by a private insuring entity authorized to engage in that
business.
(c) Housing developments and residential structures, the mortgage
loans on which presently are or are expected to be guaranteed,
insured, or coinsured by the federal government.
(d) Housing developments and residential structures, the bonds or
mortgage loans on which are presently, or are expected to be, insured
or guaranteed in whole or in part by an agency of the state,
including the California Housing Finance Agency, a political
subdivision of the state, or by a private insuring entity authorized
to engage in that business, or by any combination thereof, in
percentages determined by the agency.
(e) Housing developments and residential structures financed by a
loan made by the agency to a qualified mortgage lender, if both of
the following conditions are met:
(1) The loan to the qualified mortgage lender is a general
obligation of the mortgage lender.
(2) The qualified mortgage lender is a member of, or a subsidiary
of a member of, the Federal Deposit Insurance Corporation or of the
Federal Savings and Loan Insurance Corporation.
(f) Housing developments and residential structures financed by
tax-exempt bonds for which a bond reserve fund is created which
complies with the terms and conditions of the agreement or agreements
with agency bondholders.
