51400. The Legislature finds and declares that it is essential to
the economic growth of the state and the supply of adequate
residential and multifamily rental housing in the state and that it
is a public purpose to expand the program of the agency of purchasing
and selling residential mortgage loans for which all California
families may be eligible and financing, purchasing, and selling loans
for multifamily rental housing. The Legislature also finds and
declares that it is a public purpose to create procedures through
which the agency may issue mortgage-backed securities to finance
these purchases for sale to pension funds, institutional investors,
and individuals.
51401. Notwithstanding any other provision of this division, as
used in this chapter:
(a) "Mortgage loan" means any residential mortgage loan or
multifamily rental housing loan.
(b) "Multifamily rental housing" means any existing structure of
more than four dwelling units or any work or undertaking of more than
four units of new construction, improvement, or rehabilitation for
the provision of housing.
(c) "Multifamily rental housing loan" means a mortgage loan
secured by a mortgage on multifamily rental housing.
(d) "Residence" means any existing structure of one to four
dwelling units or any work or undertaking of one to four dwelling
units of new construction, improvement, or rehabilitation for the
provision of housing.
(e) "Residential mortgage loan" means a mortgage loan secured by a
mortgage on a residence.
(f) "Taxable securities" means securities bearing interest that is
otherwise taxable under the personal income tax provisions of
federal tax law and which are issued to finance the purchase or
making of mortgage loans pursuant to this chapter.
51402. (a) Notwithstanding any other provision of this division,
the agency may establish a mortgage loan program. Under the mortgage
loan program, the agency may acquire or make first or second mortgage
loans for the construction, purchase, improvement, or rehabilitation
of residences or multifamily rental housing.
(b) The agency may invest in, make, purchase, take assignments of,
or otherwise acquire or make commitments to invest in, make,
purchase, take assignments, or otherwise acquire any mortgage loan or
partial interest or participation therein. The agency may sell,
assign, or otherwise dispose of, or enter into commitments to sell,
assign, or otherwise dispose of, any obligation, mortgage loan, or
partial interest or participation therein, or create pools of
obligations, mortgage loans, or partial interest or participations
held by the agency, and issue and sell securities backed by pools.
The agency may require the seller of obligations, residential
mortgage loans, or partial interest or participations purchased by
the agency, to use the proceeds of the sale for the purpose of
financing mortgage loans, except when the proceeds arise from the
sale of new loans, initiated for the purpose of sale to the agency or
others. The agency may pledge mortgage loans, acquired pursuant to
the mortgage loan program, to pay the principal, interest, and
redemption premium, if any, on taxable securities issued by the
agency for the mortgage loan program.
(c) Any multifamily rental housing financed by the agency pursuant
to this chapter shall be subject to the same occupancy standards
specified in Section 51335.
51403. (a) The agency may, from time to time, issue its taxable
securities in whatever principal amount the agency determines is
necessary to provide sufficient funds for the acquisition or making
of mortgage loans and for the payment of interest on the securities,
establishment of reserves to secure the securities, and other
expenditures of the agency incident to, and necessary or convenient
to, issuance of the securities, and the purchase or sale of mortgage
loans in accordance with this chapter.
(b) Notwithstanding any other provision of this division, taxable
securities issued pursuant to this chapter shall not be subject to
any limitation of aggregate principal amount outstanding at any time.
The securities shall not be taken into account for purposes of the
limitation on indebtedness of the agency contained in Section 51350,
or any other limitation on the amount of securities of the agency
which at any time may be issued or which may be outstanding.
(c) Any taxable securities issued pursuant to this chapter shall
not be a general obligation of the agency and shall be payable solely
from the receipts, revenues, or other income derived in respect of
mortgage loans or securities purchased or sold pursuant to this
chapter. Any official statement or other prospectus used by the
agency in offering taxable securities for sale shall clearly indicate
that the securities are not the debt or obligation of the state or
of the agency except to the extent provided in this section.
(d) All proceeds received by the agency pursuant to this chapter
shall be deposited in the Taxable Securities Account which is hereby
created in the California Housing Finance Fund. Any moneys
appropriated to the agency for the purposes of this chapter shall be
deposited in the Taxable Securities Account and shall be repaid from
revenues received by the agency pursuant to this chapter.
51400. The Legislature finds and declares that it is essential to
the economic growth of the state and the supply of adequate
residential and multifamily rental housing in the state and that it
is a public purpose to expand the program of the agency of purchasing
and selling residential mortgage loans for which all California
families may be eligible and financing, purchasing, and selling loans
for multifamily rental housing. The Legislature also finds and
declares that it is a public purpose to create procedures through
which the agency may issue mortgage-backed securities to finance
these purchases for sale to pension funds, institutional investors,
and individuals.
51401. Notwithstanding any other provision of this division, as
used in this chapter:
(a) "Mortgage loan" means any residential mortgage loan or
multifamily rental housing loan.
(b) "Multifamily rental housing" means any existing structure of
more than four dwelling units or any work or undertaking of more than
four units of new construction, improvement, or rehabilitation for
the provision of housing.
(c) "Multifamily rental housing loan" means a mortgage loan
secured by a mortgage on multifamily rental housing.
(d) "Residence" means any existing structure of one to four
dwelling units or any work or undertaking of one to four dwelling
units of new construction, improvement, or rehabilitation for the
provision of housing.
(e) "Residential mortgage loan" means a mortgage loan secured by a
mortgage on a residence.
(f) "Taxable securities" means securities bearing interest that is
otherwise taxable under the personal income tax provisions of
federal tax law and which are issued to finance the purchase or
making of mortgage loans pursuant to this chapter.
51402. (a) Notwithstanding any other provision of this division,
the agency may establish a mortgage loan program. Under the mortgage
loan program, the agency may acquire or make first or second mortgage
loans for the construction, purchase, improvement, or rehabilitation
of residences or multifamily rental housing.
(b) The agency may invest in, make, purchase, take assignments of,
or otherwise acquire or make commitments to invest in, make,
purchase, take assignments, or otherwise acquire any mortgage loan or
partial interest or participation therein. The agency may sell,
assign, or otherwise dispose of, or enter into commitments to sell,
assign, or otherwise dispose of, any obligation, mortgage loan, or
partial interest or participation therein, or create pools of
obligations, mortgage loans, or partial interest or participations
held by the agency, and issue and sell securities backed by pools.
The agency may require the seller of obligations, residential
mortgage loans, or partial interest or participations purchased by
the agency, to use the proceeds of the sale for the purpose of
financing mortgage loans, except when the proceeds arise from the
sale of new loans, initiated for the purpose of sale to the agency or
others. The agency may pledge mortgage loans, acquired pursuant to
the mortgage loan program, to pay the principal, interest, and
redemption premium, if any, on taxable securities issued by the
agency for the mortgage loan program.
(c) Any multifamily rental housing financed by the agency pursuant
to this chapter shall be subject to the same occupancy standards
specified in Section 51335.
51403. (a) The agency may, from time to time, issue its taxable
securities in whatever principal amount the agency determines is
necessary to provide sufficient funds for the acquisition or making
of mortgage loans and for the payment of interest on the securities,
establishment of reserves to secure the securities, and other
expenditures of the agency incident to, and necessary or convenient
to, issuance of the securities, and the purchase or sale of mortgage
loans in accordance with this chapter.
(b) Notwithstanding any other provision of this division, taxable
securities issued pursuant to this chapter shall not be subject to
any limitation of aggregate principal amount outstanding at any time.
The securities shall not be taken into account for purposes of the
limitation on indebtedness of the agency contained in Section 51350,
or any other limitation on the amount of securities of the agency
which at any time may be issued or which may be outstanding.
(c) Any taxable securities issued pursuant to this chapter shall
not be a general obligation of the agency and shall be payable solely
from the receipts, revenues, or other income derived in respect of
mortgage loans or securities purchased or sold pursuant to this
chapter. Any official statement or other prospectus used by the
agency in offering taxable securities for sale shall clearly indicate
that the securities are not the debt or obligation of the state or
of the agency except to the extent provided in this section.
(d) All proceeds received by the agency pursuant to this chapter
shall be deposited in the Taxable Securities Account which is hereby
created in the California Housing Finance Fund. Any moneys
appropriated to the agency for the purposes of this chapter shall be
deposited in the Taxable Securities Account and shall be repaid from
revenues received by the agency pursuant to this chapter.
51400. The Legislature finds and declares that it is essential to
the economic growth of the state and the supply of adequate
residential and multifamily rental housing in the state and that it
is a public purpose to expand the program of the agency of purchasing
and selling residential mortgage loans for which all California
families may be eligible and financing, purchasing, and selling loans
for multifamily rental housing. The Legislature also finds and
declares that it is a public purpose to create procedures through
which the agency may issue mortgage-backed securities to finance
these purchases for sale to pension funds, institutional investors,
and individuals.
51401. Notwithstanding any other provision of this division, as
used in this chapter:
(a) "Mortgage loan" means any residential mortgage loan or
multifamily rental housing loan.
(b) "Multifamily rental housing" means any existing structure of
more than four dwelling units or any work or undertaking of more than
four units of new construction, improvement, or rehabilitation for
the provision of housing.
(c) "Multifamily rental housing loan" means a mortgage loan
secured by a mortgage on multifamily rental housing.
(d) "Residence" means any existing structure of one to four
dwelling units or any work or undertaking of one to four dwelling
units of new construction, improvement, or rehabilitation for the
provision of housing.
(e) "Residential mortgage loan" means a mortgage loan secured by a
mortgage on a residence.
(f) "Taxable securities" means securities bearing interest that is
otherwise taxable under the personal income tax provisions of
federal tax law and which are issued to finance the purchase or
making of mortgage loans pursuant to this chapter.
51402. (a) Notwithstanding any other provision of this division,
the agency may establish a mortgage loan program. Under the mortgage
loan program, the agency may acquire or make first or second mortgage
loans for the construction, purchase, improvement, or rehabilitation
of residences or multifamily rental housing.
(b) The agency may invest in, make, purchase, take assignments of,
or otherwise acquire or make commitments to invest in, make,
purchase, take assignments, or otherwise acquire any mortgage loan or
partial interest or participation therein. The agency may sell,
assign, or otherwise dispose of, or enter into commitments to sell,
assign, or otherwise dispose of, any obligation, mortgage loan, or
partial interest or participation therein, or create pools of
obligations, mortgage loans, or partial interest or participations
held by the agency, and issue and sell securities backed by pools.
The agency may require the seller of obligations, residential
mortgage loans, or partial interest or participations purchased by
the agency, to use the proceeds of the sale for the purpose of
financing mortgage loans, except when the proceeds arise from the
sale of new loans, initiated for the purpose of sale to the agency or
others. The agency may pledge mortgage loans, acquired pursuant to
the mortgage loan program, to pay the principal, interest, and
redemption premium, if any, on taxable securities issued by the
agency for the mortgage loan program.
(c) Any multifamily rental housing financed by the agency pursuant
to this chapter shall be subject to the same occupancy standards
specified in Section 51335.
51403. (a) The agency may, from time to time, issue its taxable
securities in whatever principal amount the agency determines is
necessary to provide sufficient funds for the acquisition or making
of mortgage loans and for the payment of interest on the securities,
establishment of reserves to secure the securities, and other
expenditures of the agency incident to, and necessary or convenient
to, issuance of the securities, and the purchase or sale of mortgage
loans in accordance with this chapter.
(b) Notwithstanding any other provision of this division, taxable
securities issued pursuant to this chapter shall not be subject to
any limitation of aggregate principal amount outstanding at any time.
The securities shall not be taken into account for purposes of the
limitation on indebtedness of the agency contained in Section 51350,
or any other limitation on the amount of securities of the agency
which at any time may be issued or which may be outstanding.
(c) Any taxable securities issued pursuant to this chapter shall
not be a general obligation of the agency and shall be payable solely
from the receipts, revenues, or other income derived in respect of
mortgage loans or securities purchased or sold pursuant to this
chapter. Any official statement or other prospectus used by the
agency in offering taxable securities for sale shall clearly indicate
that the securities are not the debt or obligation of the state or
of the agency except to the extent provided in this section.
(d) All proceeds received by the agency pursuant to this chapter
shall be deposited in the Taxable Securities Account which is hereby
created in the California Housing Finance Fund. Any moneys
appropriated to the agency for the purposes of this chapter shall be
deposited in the Taxable Securities Account and shall be repaid from
revenues received by the agency pursuant to this chapter.
