52097. Except as otherwise provided in this article, this chapter
shall not be construed to limit or otherwise restrict the authority
of chartered cities to issue bonds for the purpose of financing the
acquisition, construction, rehabilitation, refinancing, or
development of multifamily rental housing or for the provision of
capital improvements in connection with and determined necessary to
that multifamily rental housing. For purposes of this article,
certificates of participation in any form of obligation of a city,
county, or city and county shall be considered to be bonds.
52097.5. (a) Multifamily rental housing development financed, or
for which financing has been extended or committed, pursuant to this
chapter from the proceeds of sale of each bond issue shall at all
times during the qualified project period meet the requirement of
paragraph (1) or (2), whichever is elected by the issuer at the time
of issuance of the issue for each development:
(1) Twenty percent or more of the residential units in the
development shall be occupied by individuals whose income is 50
percent or less of area median income.
(2) Forty percent or more of the residential units in the
development shall be occupied by individuals whose income is 60
percent or less of area median income.
As used in this subdivision, "qualified project period," "income,"
and "area median income" shall have the meanings specified in, and
shall be determined in accordance with the provisions of, subsection
(d) of Section 142 of the Internal Revenue Code of 1986, as amended,
and United States Treasury regulations and rulings promulgated
pursuant thereto.
(b) With respect to a development for which the issuer has elected
to meet the requirement of paragraph (1) of subdivision (a), the
rental payments paid by the occupants of the units meeting the
requirement of paragraph (1) of subdivision (a) (excluding any
supplemental rental assistance from the state, the federal
government, or any other public agency to those occupants or on
behalf of those units) shall not exceed 30 percent of 50 percent of
area median income.
(c) With respect to a development for which the issuer has elected
to meet the requirement of paragraph (2) of subdivision (a), the
rental payments paid by the occupants of the units meeting the
requirement of paragraph (2) of subdivision (a) (excluding any
supplemental rental assistance from the state, the federal
government, or any other public agency to those occupants or on
behalf of those units) shall not exceed 30 percent of 60 percent of
area median income.
52098. Each city, county, and city and county that has issued bonds
pursuant to this chapter or a charter provision or ordinance for the
purposes specified in Section 52097 shall file a report annually, on
or before March 1, with the Governor, the Legislature, and the
department, which report shall include all of the following
information:
(a) The total amount of bonds issued by the city, county, or city
and county pursuant to this chapter or another authority.
(b) The total number of units in multifamily rental housing
developments financed pursuant to this chapter or another authority.
(c) The total number of units in multifamily rental housing
developments reserved for occupancy on a priority basis for lower
income households.
(d) The total number of units, if any, in a multifamily rental
housing development reserved for occupancy on a priority basis for
very low income households.
52097. Except as otherwise provided in this article, this chapter
shall not be construed to limit or otherwise restrict the authority
of chartered cities to issue bonds for the purpose of financing the
acquisition, construction, rehabilitation, refinancing, or
development of multifamily rental housing or for the provision of
capital improvements in connection with and determined necessary to
that multifamily rental housing. For purposes of this article,
certificates of participation in any form of obligation of a city,
county, or city and county shall be considered to be bonds.
52097.5. (a) Multifamily rental housing development financed, or
for which financing has been extended or committed, pursuant to this
chapter from the proceeds of sale of each bond issue shall at all
times during the qualified project period meet the requirement of
paragraph (1) or (2), whichever is elected by the issuer at the time
of issuance of the issue for each development:
(1) Twenty percent or more of the residential units in the
development shall be occupied by individuals whose income is 50
percent or less of area median income.
(2) Forty percent or more of the residential units in the
development shall be occupied by individuals whose income is 60
percent or less of area median income.
As used in this subdivision, "qualified project period," "income,"
and "area median income" shall have the meanings specified in, and
shall be determined in accordance with the provisions of, subsection
(d) of Section 142 of the Internal Revenue Code of 1986, as amended,
and United States Treasury regulations and rulings promulgated
pursuant thereto.
(b) With respect to a development for which the issuer has elected
to meet the requirement of paragraph (1) of subdivision (a), the
rental payments paid by the occupants of the units meeting the
requirement of paragraph (1) of subdivision (a) (excluding any
supplemental rental assistance from the state, the federal
government, or any other public agency to those occupants or on
behalf of those units) shall not exceed 30 percent of 50 percent of
area median income.
(c) With respect to a development for which the issuer has elected
to meet the requirement of paragraph (2) of subdivision (a), the
rental payments paid by the occupants of the units meeting the
requirement of paragraph (2) of subdivision (a) (excluding any
supplemental rental assistance from the state, the federal
government, or any other public agency to those occupants or on
behalf of those units) shall not exceed 30 percent of 60 percent of
area median income.
52098. Each city, county, and city and county that has issued bonds
pursuant to this chapter or a charter provision or ordinance for the
purposes specified in Section 52097 shall file a report annually, on
or before March 1, with the Governor, the Legislature, and the
department, which report shall include all of the following
information:
(a) The total amount of bonds issued by the city, county, or city
and county pursuant to this chapter or another authority.
(b) The total number of units in multifamily rental housing
developments financed pursuant to this chapter or another authority.
(c) The total number of units in multifamily rental housing
developments reserved for occupancy on a priority basis for lower
income households.
(d) The total number of units, if any, in a multifamily rental
housing development reserved for occupancy on a priority basis for
very low income households.
52097. Except as otherwise provided in this article, this chapter
shall not be construed to limit or otherwise restrict the authority
of chartered cities to issue bonds for the purpose of financing the
acquisition, construction, rehabilitation, refinancing, or
development of multifamily rental housing or for the provision of
capital improvements in connection with and determined necessary to
that multifamily rental housing. For purposes of this article,
certificates of participation in any form of obligation of a city,
county, or city and county shall be considered to be bonds.
52097.5. (a) Multifamily rental housing development financed, or
for which financing has been extended or committed, pursuant to this
chapter from the proceeds of sale of each bond issue shall at all
times during the qualified project period meet the requirement of
paragraph (1) or (2), whichever is elected by the issuer at the time
of issuance of the issue for each development:
(1) Twenty percent or more of the residential units in the
development shall be occupied by individuals whose income is 50
percent or less of area median income.
(2) Forty percent or more of the residential units in the
development shall be occupied by individuals whose income is 60
percent or less of area median income.
As used in this subdivision, "qualified project period," "income,"
and "area median income" shall have the meanings specified in, and
shall be determined in accordance with the provisions of, subsection
(d) of Section 142 of the Internal Revenue Code of 1986, as amended,
and United States Treasury regulations and rulings promulgated
pursuant thereto.
(b) With respect to a development for which the issuer has elected
to meet the requirement of paragraph (1) of subdivision (a), the
rental payments paid by the occupants of the units meeting the
requirement of paragraph (1) of subdivision (a) (excluding any
supplemental rental assistance from the state, the federal
government, or any other public agency to those occupants or on
behalf of those units) shall not exceed 30 percent of 50 percent of
area median income.
(c) With respect to a development for which the issuer has elected
to meet the requirement of paragraph (2) of subdivision (a), the
rental payments paid by the occupants of the units meeting the
requirement of paragraph (2) of subdivision (a) (excluding any
supplemental rental assistance from the state, the federal
government, or any other public agency to those occupants or on
behalf of those units) shall not exceed 30 percent of 60 percent of
area median income.
52098. Each city, county, and city and county that has issued bonds
pursuant to this chapter or a charter provision or ordinance for the
purposes specified in Section 52097 shall file a report annually, on
or before March 1, with the Governor, the Legislature, and the
department, which report shall include all of the following
information:
(a) The total amount of bonds issued by the city, county, or city
and county pursuant to this chapter or another authority.
(b) The total number of units in multifamily rental housing
developments financed pursuant to this chapter or another authority.
(c) The total number of units in multifamily rental housing
developments reserved for occupancy on a priority basis for lower
income households.
(d) The total number of units, if any, in a multifamily rental
housing development reserved for occupancy on a priority basis for
very low income households.
