SECTIONS 51645-51648 - California Statutes

HEALTH AND SAFETY CODE

SECTION 51645-51648

51645. The agency shall establish priorities for the allocation of
loan-insurance assistance in accordance with the purposes and general
provisions of Chapter 2 (commencing with Section 50950) of Part 3 of
this division and Article 6 (commencing with Section 51225) of
Chapter 5 of Part 3 of this division, in compliance with the needs
identified in the California Statewide Housing Plan, and as provided
in this part.

51647. The agency shall establish and maintain separate accounts in
the insurance fund for a single-family mortgage guaranty insurance
program and a multifamily residential mortgage guaranty insurance
program. Each program shall be actuarially sound and shall be
capitalized through separate insurance funds.

51648. While maintaining the actuarial soundness of the fund, the
agency shall make efforts to do both of the following:
(a) Equitably distribute insurance based on a regionalized basis,
weighted in accordance with the geographic distribution of the state'
s population.
(b) Focus on housing opportunities that benefit any of the
following:
(1) Households with incomes at or below area median income.
(2) Households that require mortgages at or above 95 percent of
the price of the home.
(3) Households that are participating in locally administered
housing programs.