California Code
DIVISION 31 - HOUSING AND HOME FINANCE
PART 3 - CALIFORNIA HOUSING FINANCE AGENCY

CHAPTER 1 - Organization

Section 50900. - 50900. The California Housing Finance Agency is hereby continued in...

Section 50901. - 50901. The agency shall be administered by a board of...

Section 50902. - 50902. (a) Appointed members of the board shall be able...

Section 50903. - 50903. All members of the board appointed by the Governor...

Section 50904. - 50904. The representation of varied interest groups on the board...

Section 50905. - 50905. (a) An officer or employee of the agency shall...

Section 50906. - 50906. Board members shall be removable solely for cause. (Added...

Section 50907. - 50907. The Governor shall appoint a chairperson from among members...

Section 50908. - 50908. The Governor shall, subject to confirmation by the Senate,...

Section 50909. - 50909. (a) Notwithstanding Sections 19816 and 19825 of the Government...

Section 50910. - 50910. The executive director may from time to time employ...

Section 50911. - 50911. (a) Notwithstanding Sections 11042 and 11043 of the Government...

Section 50912. - 50912. There shall be within the agency a director of...

Section 50912.5. - 50912.5. There shall be within the agency a director of...

Section 50913. - 50913. For its activities under this division, the executive director...

Section 50914. - 50914. (a) The board shall authorize any sale of obligations...

Section 50915. - 50915. The principal offices of the agency shall be located...

Section 50916. - 50916. All meetings of the board and of all committees...

CHAPTER 2 - Purposes and General Provisions

Section 50950. - 50950. The primary purpose of the agency shall be to...

Section 50951. - 50951. In meeting the housing needs of persons and families...

Section 50952. - 50952. The agency shall also seek to attain all of...

Section 50952.5. - 50952.5. (a) It is the intent of the Legislature, and...

Section 50953. - 50953. No provision of this division shall be construed as...

Section 50954. - 50954. The exercise of the powers specified in this division...

Section 50955. - 50955. (a) The agency and every housing sponsor shall require...

Section 50956. - 50956. It shall be the policy of the agency to...

Section 50957. - 50957. No development or construction loan shall be made pursuant...

Section 50958. - 50958. Mortgage loans made pursuant to this part to housing...

Section 50959. - 50959. This division is intended to benefit purchasers and residents...

Section 50960. - 50960. A loan document for a loan that is not...

Section 50961. - 50961. It shall be the policy of the agency to...

Section 50962. - 50962. The same notice requirements as specified in Section 65863.10...

CHAPTER 3 - Financial Provisions

Section 51000. - 51000. The California Housing Finance Fund is hereby created in...

Section 51000.1. - 51000.1. Notwithstanding any other provision of law, except as provided...

Section 51000.3. - 51000.3. Section 51000.1 does not supersede any provision of Article...

Section 51000.4. - 51000.4. Upon cessation of all agency operations and settlement of...

Section 51001. - 51001. Pursuant to any agreements with the holders of particular...

Section 51002. - 51002. Subject to any agreements with holders of particular bonds,...

Section 51003. - 51003. The agency shall, from time to time, direct the...

Section 51004. - 51004. The agency may utilize moneys which may be appropriated...

Section 51004.5. - 51004.5. On or before May 1 of each year, commencing...

Section 51005. - 51005. (a) The agency shall, by December 31 of each...

Section 51006. - 51006. The executive director of the agency shall immediately certify...

Section 51007. - 51007. Subject to any agreements with holders of particular bonds,...

CHAPTER 4 - General Powers

Section 51050. - 51050. The agency shall have all of the following powers:...

Section 51050.1. - 51050.1. The agency may make loans to finance affordable housing,...

Section 51051. - 51051. The agency shall be a state representative for purposes...

Section 51053. - 51053. The agency may make and execute contracts with qualified...

Section 51054. - 51054. The agency may make or undertake commitments to make...

Section 51055. - 51055. The agency may purchase and sell construction loans, mortgage...

Section 51056. - 51056. Construction loans, mortgage loans, and property improvement loans made,...

Section 51058. - 51058. (a) The agency may renegotiate, refinance, foreclose, or contract...

Section 51058.5. - 51058.5. Notwithstanding any other provision of law, the agency is...

Section 51059. - 51059. The agency may procure insurance or coinsurance or guarantees...

Section 51060. - 51060. The agency may, for services performed, charge and collect...

Section 51061. - 51061. The agency may sell or convey real property owned...

Section 51062. - 51062. The agency shall establish criteria for housing sponsors and...

Section 51063. - 51063. Relocation payments shall be made to persons and families...

Section 51064. - 51064. The agency shall establish maximum sale prices for the...

Section 51065. - 51065. The agency may make grants to nonprofit housing sponsors...

Section 51065.1. - 51065.1. The agency may make grants to buyers of residential...

Section 51065.5. - 51065.5. The agency may make unsecured loans or loans secured...

Section 51066. - 51066. For housing developments financed by a mortgage loan from...

Section 51067. - 51067. The agency shall adopt standards for the admission of...

Section 51068. - 51068. (a) Except as otherwise provided in subdivision (b) and...

Section 51069. - 51069. The agency, after approving an application for mutual self-help...

Section 51070. - 51070. The agency shall require that qualified mortgage lenders do...

CHAPTER 5 - Financing of Housing Developments and Residential Structures

ARTICLE 1 - Loans for Housing Developments

Section 51100. - 51100. Subject to the limitations prescribed by Article 4 (commencing...

Section 51101. - 51101. The agency may make and publish rules and regulations...

Section 51102. - 51102. The agency shall enter into regulatory contracts and other...

Section 51103. - 51103. Prior to the commitment of moneys under this part...

Section 51104. - 51104. Notwithstanding any other provisions of this part, only the...

ARTICLE 2 - Loans Through Intermediary Lenders and Mortgage Purchase and Sale

Section 51125. - 51125. The agency may invest in, purchase, or make commitments...

Section 51126. - 51126. The agency may invest in, purchase, or make commitments...

Section 51127. - 51127. The agency may insure or guarantee any obligation held...

Section 51128. - 51128. Sales of mortgage obligations and securities pursuant to this...

ARTICLE 3 - Loans to Qualified Mortgage Lenders

Section 51150. - 51150. The agency may make loans to qualified mortgage lenders...

Section 51151. - 51151. Mortgage loans shall not be made under this article...

Section 51152. - 51152. Loans shall not be made by the agency to...

Section 51153. - 51153. In connection with loans made pursuant to this article,...

ARTICLE 4 - Lender of Last Resort

Section 51175. - 51175. Except as provided in this article, the agency shall...

Section 51176. - 51176. In rural mortgage areas the agency may make and...

Section 51177. - 51177. The agency may make and undertake commitments to make...

ARTICLE 4.5 - Subordinated Mortgage Loans

Section 51180. - 51180. As used in this article: (a) “Subordinated loan” means...

Section 51181. - 51181. The agency shall accept applications from housing sponsors for...

Section 51182. - 51182. The agency shall determine the manner in which subordinated...

ARTICLE 5 - Supervision of Housing Sponsors

Section 51200. - 51200. With respect to housing developments financed by a mortgage...

Section 51201. - 51201. The agency may do any of the following with...

Section 51202. - 51202. Every housing sponsor of a rental or cooperative housing...

Section 51203. - 51203. Upon making a determination that the financial status of...

Section 51204. - 51204. The agency may prescribe regulations specifying the categories of...

Section 51205. - 51205. (a) The agency may institute any action or proceeding...

Section 51206. - 51206. Whenever a housing sponsor of a rental or cooperative...

Section 51207. - 51207. A person or family of low or moderate income...

ARTICLE 5.7 - Elderly Congregate Housing

Section 51215. - 51215. The agency shall make loans to finance the construction...

Section 51216. - 51216. An application by a housing sponsor for financing under...

Section 51217. - 51217. The management of congregate housing for the elderly shall,...

Section 51218. - 51218. At the close of each fiscal year, commencing with...

ARTICLE 6 - Priorities

Section 51225. - 51225. In selecting proposals for financing, the agency shall balance...

Section 51226. - 51226. (a) Subject to the availability of adequate subsidies, not...

Section 51226.5. - 51226.5. (a) Notwithstanding the provisions of Section 51226, in each...

Section 51227. - 51227. At the close of each fiscal year the agency...

Section 51227.7. - 51227.7. It shall be a goal of the agency that...

Section 51228. - 51228. At the time a mortgage loan commitment is made...

Section 51230. - 51230. Not less than 30 percent nor more than 40...

Section 51231. - 51231. The agency shall assist housing sponsors in obtaining subsidies....

Section 51232. - 51232. To implement the purposes of this division, the agency...

ARTICLE 7 - State and Local Cooperation

Section 51250. - 51250. The agency may, in connection with a housing development,...

Section 51251. - 51251. Notwithstanding any other provision of law, the Department of...

Section 51252. - 51252. (a) Upon application to the department, any city, county,...

CHAPTER 6 - Neighborhood Preservation

Section 51300. - 51300. This chapter empowers the agency to designate neighborhood preservation...

Section 51301. - 51301. The agency shall, after public hearings, establish priorities for...

Section 51302. - 51302. Upon application by a local agency supplying such supporting...

Section 51304. - 51304. The agency may designate a mortgage assistance area, after...

Section 51305. - 51305. Upon approval of an application for designation of an...

Section 51306. - 51306. Financing assistance for housing developments in concentrated rehabilitation areas...

Section 51308. - 51308. Financing assistance may include mortgage loans for the acquisition...

Section 51310. - 51310. Relocation payments shall be made to persons and families...

Section 51311. - 51311. Upon application by a local public entity the agency...

CHAPTER 6.3 - Special Needs Housing

Section 51312. - 51312. (a) The primary purpose of this chapter is to...

Section 51313. - 51313. The exercise of the powers granted by this chapter...

Section 51314. - 51314. Subject only to the limitations of this chapter, the...

Section 51315. - 51315. Subject only to the limitations prescribed in this chapter,...

Section 51316. - 51316. Subject only to the limitations prescribed in this chapter,...

Section 51317. - 51317. For the purposes of this chapter, the agency shall...

Section 51318. - 51318. This chapter constitutes a complete, additional, and alternative method...

CHAPTER 6.5 - Manufactured Housing

Section 51320. - 51320. The agency may make or purchase loans for the...

Section 51321. - 51321. Subject to the limitations of this chapter, the agency...

Section 51321.3. - 51321.3. For the purposes of this chapter, the agency shall...

Section 51321.6. - 51321.6. Subject to the provisions of this part, the agency...

Section 51322. - 51322. With respect to any of the activities undertaken pursuant...

CHAPTER 6.7 - Multifamily Rental Housing

ARTICLE 1 - General Provisions

Section 51325. - 51325. The primary purpose of this chapter is to meet...

ARTICLE 2 - Financing

Section 51330. - 51330. Subject only to the limitations of this chapter, the...

Section 51331. - 51331. Subject only to the limitations prescribed in this chapter,...

Section 51332. - 51332. Subject only to the limitations prescribed in this chapter,...

Section 51333. - 51333. For the purposes of this chapter, the agency shall...

Section 51334. - 51334. The agency may, in conjunction with the financing of...

Section 51335. - 51335. (a) (1) Not less than 20 percent of the...

Section 51336. - 51336. For purposes of this article, “housing sponsor” means a...

ARTICLE 3 - State Assistance

Section 51340. - 51340. This chapter constitutes an alternative method to finance construction...

CHAPTER 6.8 - Home Purchase Assistance Program

Section 51341. - 51341. The Legislature finds and declares that: (a) There is...

Section 51342. - 51342. (a) There is hereby continued in the State Treasury...

Section 51343. - 51343. (a) The agency shall administer a home purchase assistance...

Section 51346. - 51346. The agency may execute a contract with the Department...

Section 51349. - 51349. (a) The agency shall have all the powers conferred...

CHAPTER 7 - Revenue Bonds

Section 51350. - 51350. (a) The agency may, from time to time, issue...

Section 51350.5. - 51350.5. The limitation set forth in Section 51350 on the...

Section 51352. - 51352. Except as may otherwise be expressly provided by resolution...

Section 51353. - 51353. The bonds shall be authorized by resolution or resolutions...

Section 51354. - 51354. The agency may, from time to time, issue (1)...

Section 51355. - 51355. Any resolution or resolutions authorizing any bonds or issue...

Section 51356. - 51356. Any resolution or resolutions authorizing any bonds or issue...

Section 51357. - 51357. Any pledge made by the agency shall be valid...

Section 51358. - 51358. Bond underwriters and consultants shall be selected by the...

Section 51359. - 51359. The members of the board, the executive director of...

Section 51361. - 51361. The Treasurer shall act as trustee for the agency...

Section 51362. - 51362. The State Treasurer or other trustee acting on behalf...

Section 51363. - 51363. Whether or not the bonds are of such form...

Section 51364. - 51364. In the event any of the board members or...

Section 51365. - 51365. Proceeds derived from the issuance of bonds or securities...

Section 51366. - 51366. The agency, in its discretion and pursuant to agreements...

Section 51367. - 51367. The agency shall not at any time issue bonds...

Section 51368. - 51368. (a) The Supplementary Bond Security Account is hereby created...

Section 51369. - 51369. The agency shall create and establish such other accounts...

Section 51370. - 51370. In addition to the authority otherwise contained in this...

Section 51371. - 51371. The agency may provide for the issuance of refunding...

Section 51372. - 51372. Refunding bonds issued as provided in Section 51371 may...

Section 51373. - 51373. The state does hereby pledge to and agree with...

Section 51374. - 51374. Bonds issued under the provisions of this part shall...

Section 51375. - 51375. The bonds of the agency shall be legal investments...

CHAPTER 8 - Taxable Securities

Section 51400. - 51400. The Legislature finds and declares that it is essential...

Section 51401. - 51401. Notwithstanding any other provision of this division, as used...

Section 51402. - 51402. (a) Notwithstanding any other provision of this division, the...

Section 51403. - 51403. (a) The agency may, from time to time, issue...

CHAPTER 9 - School Facility Fee Affordable Housing Assistance Programs

Section 51450. - 51450. (a) It is the intent of the Legislature that...

Section 51451. - 51451. The Homebuyer Down Payment Assistance Program and the Rental...

Section 51451.5. - 51451.5. The Homebuyer Down Payment Assistance Program of 2002 is...

Section 51451.5. - 51451.5. The Homebuyer Down Payment Assistance Program of 2002 is...

Section 51452. - 51452. (a) The School Facilities Fee Assistance Fund is hereby...

Section 51453. - 51453. Notwithstanding Section 51452, the sum of fifty million dollars...

Section 51453. - 51453. Notwithstanding Section 51452, the sum of twenty-five million dollars...

Section 51453.5. - 51453.5. Notwithstanding Section 51452, the sum of twenty-five million dollars...

Section 51454. - 51454. The Legislative Analyst’s Office shall submit a report to...

Section 51455. - 51455. (a) Except as provided in subdivision (b), Sections 51450,...

CHAPTER 10 - Multifamily Housing

Section 51475. - 51475. (a) The Legislature finds and declares: (1) Significant amounts...

Section 51476. - 51476. The agency shall administer a program for the preservation...

Section 51477. - 51477. There is hereby created in the State Treasury an...

Section 51478. - 51478. All of the powers granted under this chapter are...

Section 51479. - 51479. In administering a program for the preservation of multifamily...

Section 51480. - 51480. (a) (1) Mortgage lending authorized by this chapter shall...

Section 51481. - 51481. Mortgages made by the agency under authority of this...

Section 51482. - 51482. The agency shall adopt policies by resolution of the...

Section 51483. - 51483. The agency shall consult with an outside advisory committee...

Section 51484. - 51484. The agency shall have all powers granted under authority...

CHAPTER 11 - California Homebuyer s Downpayment Assistance Program

Section 51500. - 51500. This chapter shall be known and may be cited...

Section 51501. - 51501. The Legislature finds and declares all of the following:...

Section 51502. - 51502. The purpose of the California Homebuyer’s Downpayment Assistance Program...

Section 51504. - 51504. (a) The agency shall administer a downpayment assistance program...

Section 51505. - 51505. (a) In addition to the downpayment assistance program authorized...

Section 51506. - 51506. The downpayment assistance provided by this program shall be...

Section 51510. - 51510. The agency shall have all the powers conferred upon...

Section 51511. - 51511. (a) This chapter, except for this section, shall not...

CHAPTER 12 - California Dream for All Program

Section 51520. - 51520. This chapter shall be known, and may be cited,...

Section 51521. - 51521. The Legislature finds and declares all of the following:...

Section 51522. - 51522. For the purposes of this chapter: (a) “First-time homebuyer”...

Section 51523. - 51523. (a) The California Dream for All Program is hereby...

Section 51524. - 51524. (a) (1) There is hereby established in the State...

Section 51525. - 51525. The state and the agency shall not be liable...

Section 51526. - 51526. (a) The agency shall, on or before January 10,...

Section 51527. - 51527. (a) (1) The agency shall develop a borrower education...

CHAPTER 13 - Accessory Dwelling Unit Program

Section 51530. - 51530. For purposes of this chapter: (a) “Homeowner” means an...

Section 51531. - 51531. (a) The agency shall convene a working group to...