SECTIONS 52090-52092 - California Statutes

HEALTH AND SAFETY CODE

SECTION 52090-52092

52090. This article constitutes an alternative method for cities
and counties to issue bonds for making construction loans and
mortgage loans for multifamily rental housing developments pursuant
to the provisions of this chapter.

52090.5. The agency and any city or county may enter into an
agreement which provides that the agency may sell bonds authorized
pursuant to Chapter 4 (commencing with Section 52030) for the city or
county and operate a program with the proceeds of the sale for the
purpose of providing funds for construction loans and mortgage loans
for multifamily rental housing developments within the city or county
and for the provision of capital improvements in connection with and
determined necessary to the multifamily rental housing.

52091. Any agreement made pursuant to Section 52090.5 shall contain
all of the following provisions:
(a) Limitations on the maximum amount of bonds to be issued by a
city or county.
(b) A requirement that all bonds and any prospectus in connection
with the bonds contain a legend condition to the following effect:
"Neither the faith and credit of the State of California or the
agency nor the taxing power of the state is pledged to the payment of
principal or interest on this bond."
(c) A requirement that the agency approve the bond counsel
selected by the city or county.
(d) The designation of criteria for multifamily rental housing
developments eligible for financing; the number of units which shall
be available for occupancy by persons of low income, which shall not
be less than 20 percent of the total units; the amount to be
allocated to a bond reserve fund; and, any other matters which the
agency finds necessary or desirable.
(e) That the agency shall make construction loans and mortgage
loans for multifamily rental housing developed within the city or
county.
(f) That the agency shall supervise all construction and
management of multifamily rental housing developments financed
pursuant to this chapter on behalf of the city or county, and with
the same powers and duties under this chapter, to ensure that all
requirements of this part are met.

52091.5. Bonds issued pursuant to this article shall not be deemed
bonds of the agency for the purposes of any limitations contained in
Section 51350.

52092. The agency shall adopt uniform regulations for
administration of local programs under this article. Local programs
conducted by the agency under this article shall be administered in a
manner consistent with this chapter.