51680. The agency may administer a loan loss guarantee program in
order to induce private lenders to make construction loans for
seismic rehabilitation improvements which are designed to increase
seismic structural safety in accordance with a plan developed by a
civil engineer, structural engineer, or an architect for a property
which has been identified by a local jurisdiction as being
potentially hazardous, as defined in Chapter 12.2 (commencing with
Section 8875) of Division 1 of Title 2 of the Government Code, or as
being hazardous in the event of an earthquake, as defined in Article
4 (commencing with Section 19160) of Chapter 2 of Part 3 of Division
13.
51681. (a) Except as provided in subdivision (b), the agency shall
only issue rehabilitation loan loss guarantees on single-family homes
or on buildings with five or more residential units and where any
commercial use in those buildings is limited to the basement and
ground floors or where the commercial use occupies less than 15
percent of the total square footage of the building.
(b) For the purpose of using the program enacted by this chapter
in conjunction with the multifamily seismic retrofit program
authorized by Section 50668.5, the 15-percent limitation on
commercial space required by subdivision (a) may be waived in order
to facilitate the seismic retrofit of lower income housing.
51683. The agency may issue a loan loss guarantee in the amount of
25 percent of the actual loss of a loan guaranteed under this
section. The fund may not guarantee any loan loss in excess of the
amount of permanent loan financing for the property. No guarantee
shall be made for a property which does not have a binding,
unconditional, permanent financing commitment from a lender
acceptable to the agency, nor for a property in which the owner has
less than a 20-percent equity interest.
51684. (a) The agency shall collect a premium for a loan loss
guarantee as provided in Section 51657. All premiums shall be
deposited in the Seismic Rehabilitation Loan Loss Guarantee Account
within the insurance fund, which is hereby created.
(b) Premiums shall be calculated in an amount which, when added to
the other revenues of the account, will be adequate to, in the
following order of priority: pay losses on claims made under loan
loss guarantees issued hereunder, pay actual operating costs of the
program, and repay moneys transferred to the account pursuant to
Section 51685. The agency is authorized to transfer from the account
actual operating expenses necessary for its administration of this
program. Any excess premiums shall be retained in the account and
used to expand the loan loss guarantee program hereunder.
(c) Moneys in the account shall be segregated from other moneys of
the insurance fund and shall not be transferred from the account for
any purpose, except as provided in this chapter. Loan loss
guarantees issued by the agency for the benefit of either
construction lenders or borrowers shall specify that only the moneys
in the account are available to pay claims under loan loss guarantees
and that the other assets of the insurance fund, the assets of the
agency, and the assets of the State of California are not available
to pay claims or damages resulting from loan loss guarantees.
51685. Moneys transferred to the insurance fund under this section
may be used to create reserves for loan loss guarantees authorized by
this chapter and for the initial administrative expenses of the
program which are not offset by premium income.
51685.5. (a) Notwithstanding any other provision of law, the
California Housing Insurance Fund may borrow one million eight
hundred thousand dollars ($1,800,000) from the Local Agency
Indebtedness Fund, established pursuant to Article 6.5 (commencing
with Section 16496) of Chapter 3 of Division 4 of Title 2 of the
Government Code, for the purpose of establishing the Seismic
Rehabilitation Loan Loss Guarantee Account within the fund as
authorized by subdivision (d) of Section 51642.
(b) Upon request of the agency, the Pooled Money Investment Board
shall transfer from the Local Agency Indebtedness Fund amounts
authorized hereunder and upon terms and conditions to which the
agency and the board shall agree. Moneys borrowed hereunder shall
constitute a loan, which shall be repaid with simple interest accrued
at the pooled money investment rate exclusively from premium income
collected by the agency for seismic rehabilitation loan loss
guarantees issued under this chapter. No other moneys of the agency
shall be liable for repayment of the loan from the Local Agency
Indebtedness Fund. The loan authorized, along with accrued interest,
shall be due and payable not later than one year from the date of
expiration of the last outstanding loan loss guarantee issued, or not
later than January 1, 2010, whichever comes first, or unless the
Legislature extends the sunset provision of this program because of
the success and continuing need for the program.
(c) Moneys transferred to the agency under this section may be
used to create reserves for loan loss guarantees authorized by this
chapter and for the initial administrative expenses of the program
which are not offset by premium income.
51686. In addition to the powers expressly granted by this chapter,
the agency shall have all the powers granted under this part in
administering this program which are not inconsistent with this
chapter.
51687. This chapter shall be inoperative if moneys are not
transferred to the fund pursuant to Section 51685.5 for the purposes
defined in Section 51680.
51680. The agency may administer a loan loss guarantee program in
order to induce private lenders to make construction loans for
seismic rehabilitation improvements which are designed to increase
seismic structural safety in accordance with a plan developed by a
civil engineer, structural engineer, or an architect for a property
which has been identified by a local jurisdiction as being
potentially hazardous, as defined in Chapter 12.2 (commencing with
Section 8875) of Division 1 of Title 2 of the Government Code, or as
being hazardous in the event of an earthquake, as defined in Article
4 (commencing with Section 19160) of Chapter 2 of Part 3 of Division
13.
51681. (a) Except as provided in subdivision (b), the agency shall
only issue rehabilitation loan loss guarantees on single-family homes
or on buildings with five or more residential units and where any
commercial use in those buildings is limited to the basement and
ground floors or where the commercial use occupies less than 15
percent of the total square footage of the building.
(b) For the purpose of using the program enacted by this chapter
in conjunction with the multifamily seismic retrofit program
authorized by Section 50668.5, the 15-percent limitation on
commercial space required by subdivision (a) may be waived in order
to facilitate the seismic retrofit of lower income housing.
51683. The agency may issue a loan loss guarantee in the amount of
25 percent of the actual loss of a loan guaranteed under this
section. The fund may not guarantee any loan loss in excess of the
amount of permanent loan financing for the property. No guarantee
shall be made for a property which does not have a binding,
unconditional, permanent financing commitment from a lender
acceptable to the agency, nor for a property in which the owner has
less than a 20-percent equity interest.
51684. (a) The agency shall collect a premium for a loan loss
guarantee as provided in Section 51657. All premiums shall be
deposited in the Seismic Rehabilitation Loan Loss Guarantee Account
within the insurance fund, which is hereby created.
(b) Premiums shall be calculated in an amount which, when added to
the other revenues of the account, will be adequate to, in the
following order of priority: pay losses on claims made under loan
loss guarantees issued hereunder, pay actual operating costs of the
program, and repay moneys transferred to the account pursuant to
Section 51685. The agency is authorized to transfer from the account
actual operating expenses necessary for its administration of this
program. Any excess premiums shall be retained in the account and
used to expand the loan loss guarantee program hereunder.
(c) Moneys in the account shall be segregated from other moneys of
the insurance fund and shall not be transferred from the account for
any purpose, except as provided in this chapter. Loan loss
guarantees issued by the agency for the benefit of either
construction lenders or borrowers shall specify that only the moneys
in the account are available to pay claims under loan loss guarantees
and that the other assets of the insurance fund, the assets of the
agency, and the assets of the State of California are not available
to pay claims or damages resulting from loan loss guarantees.
51685. Moneys transferred to the insurance fund under this section
may be used to create reserves for loan loss guarantees authorized by
this chapter and for the initial administrative expenses of the
program which are not offset by premium income.
51685.5. (a) Notwithstanding any other provision of law, the
California Housing Insurance Fund may borrow one million eight
hundred thousand dollars ($1,800,000) from the Local Agency
Indebtedness Fund, established pursuant to Article 6.5 (commencing
with Section 16496) of Chapter 3 of Division 4 of Title 2 of the
Government Code, for the purpose of establishing the Seismic
Rehabilitation Loan Loss Guarantee Account within the fund as
authorized by subdivision (d) of Section 51642.
(b) Upon request of the agency, the Pooled Money Investment Board
shall transfer from the Local Agency Indebtedness Fund amounts
authorized hereunder and upon terms and conditions to which the
agency and the board shall agree. Moneys borrowed hereunder shall
constitute a loan, which shall be repaid with simple interest accrued
at the pooled money investment rate exclusively from premium income
collected by the agency for seismic rehabilitation loan loss
guarantees issued under this chapter. No other moneys of the agency
shall be liable for repayment of the loan from the Local Agency
Indebtedness Fund. The loan authorized, along with accrued interest,
shall be due and payable not later than one year from the date of
expiration of the last outstanding loan loss guarantee issued, or not
later than January 1, 2010, whichever comes first, or unless the
Legislature extends the sunset provision of this program because of
the success and continuing need for the program.
(c) Moneys transferred to the agency under this section may be
used to create reserves for loan loss guarantees authorized by this
chapter and for the initial administrative expenses of the program
which are not offset by premium income.
51686. In addition to the powers expressly granted by this chapter,
the agency shall have all the powers granted under this part in
administering this program which are not inconsistent with this
chapter.
51687. This chapter shall be inoperative if moneys are not
transferred to the fund pursuant to Section 51685.5 for the purposes
defined in Section 51680.
51680. The agency may administer a loan loss guarantee program in
order to induce private lenders to make construction loans for
seismic rehabilitation improvements which are designed to increase
seismic structural safety in accordance with a plan developed by a
civil engineer, structural engineer, or an architect for a property
which has been identified by a local jurisdiction as being
potentially hazardous, as defined in Chapter 12.2 (commencing with
Section 8875) of Division 1 of Title 2 of the Government Code, or as
being hazardous in the event of an earthquake, as defined in Article
4 (commencing with Section 19160) of Chapter 2 of Part 3 of Division
13.
51681. (a) Except as provided in subdivision (b), the agency shall
only issue rehabilitation loan loss guarantees on single-family homes
or on buildings with five or more residential units and where any
commercial use in those buildings is limited to the basement and
ground floors or where the commercial use occupies less than 15
percent of the total square footage of the building.
(b) For the purpose of using the program enacted by this chapter
in conjunction with the multifamily seismic retrofit program
authorized by Section 50668.5, the 15-percent limitation on
commercial space required by subdivision (a) may be waived in order
to facilitate the seismic retrofit of lower income housing.
51683. The agency may issue a loan loss guarantee in the amount of
25 percent of the actual loss of a loan guaranteed under this
section. The fund may not guarantee any loan loss in excess of the
amount of permanent loan financing for the property. No guarantee
shall be made for a property which does not have a binding,
unconditional, permanent financing commitment from a lender
acceptable to the agency, nor for a property in which the owner has
less than a 20-percent equity interest.
51684. (a) The agency shall collect a premium for a loan loss
guarantee as provided in Section 51657. All premiums shall be
deposited in the Seismic Rehabilitation Loan Loss Guarantee Account
within the insurance fund, which is hereby created.
(b) Premiums shall be calculated in an amount which, when added to
the other revenues of the account, will be adequate to, in the
following order of priority: pay losses on claims made under loan
loss guarantees issued hereunder, pay actual operating costs of the
program, and repay moneys transferred to the account pursuant to
Section 51685. The agency is authorized to transfer from the account
actual operating expenses necessary for its administration of this
program. Any excess premiums shall be retained in the account and
used to expand the loan loss guarantee program hereunder.
(c) Moneys in the account shall be segregated from other moneys of
the insurance fund and shall not be transferred from the account for
any purpose, except as provided in this chapter. Loan loss
guarantees issued by the agency for the benefit of either
construction lenders or borrowers shall specify that only the moneys
in the account are available to pay claims under loan loss guarantees
and that the other assets of the insurance fund, the assets of the
agency, and the assets of the State of California are not available
to pay claims or damages resulting from loan loss guarantees.
51685. Moneys transferred to the insurance fund under this section
may be used to create reserves for loan loss guarantees authorized by
this chapter and for the initial administrative expenses of the
program which are not offset by premium income.
51685.5. (a) Notwithstanding any other provision of law, the
California Housing Insurance Fund may borrow one million eight
hundred thousand dollars ($1,800,000) from the Local Agency
Indebtedness Fund, established pursuant to Article 6.5 (commencing
with Section 16496) of Chapter 3 of Division 4 of Title 2 of the
Government Code, for the purpose of establishing the Seismic
Rehabilitation Loan Loss Guarantee Account within the fund as
authorized by subdivision (d) of Section 51642.
(b) Upon request of the agency, the Pooled Money Investment Board
shall transfer from the Local Agency Indebtedness Fund amounts
authorized hereunder and upon terms and conditions to which the
agency and the board shall agree. Moneys borrowed hereunder shall
constitute a loan, which shall be repaid with simple interest accrued
at the pooled money investment rate exclusively from premium income
collected by the agency for seismic rehabilitation loan loss
guarantees issued under this chapter. No other moneys of the agency
shall be liable for repayment of the loan from the Local Agency
Indebtedness Fund. The loan authorized, along with accrued interest,
shall be due and payable not later than one year from the date of
expiration of the last outstanding loan loss guarantee issued, or not
later than January 1, 2010, whichever comes first, or unless the
Legislature extends the sunset provision of this program because of
the success and continuing need for the program.
(c) Moneys transferred to the agency under this section may be
used to create reserves for loan loss guarantees authorized by this
chapter and for the initial administrative expenses of the program
which are not offset by premium income.
51686. In addition to the powers expressly granted by this chapter,
the agency shall have all the powers granted under this part in
administering this program which are not inconsistent with this
chapter.
51687. This chapter shall be inoperative if moneys are not
transferred to the fund pursuant to Section 51685.5 for the purposes
defined in Section 51680.
