SECTIONS 52500-52506 - California Statutes

HEALTH AND SAFETY CODE

SECTION 52500-52506

52500. This part shall be known and may be cited as the Cal-First
Home Buyers Act.

52501. This part shall be administered by the California Housing
Finance Agency and all of the provisions of Part 3 (commencing with
Section 50900) which are not inconsistent with the provisions of this
part shall apply to the agency and its administration of this part.

52502. The First-Time Home Buyers Policy Committee is hereby
created within the agency for the purpose of exercising those powers
and responsibilities of the agency as specifically set forth in this
division and, in the exercise of those powers and responsibilities,
the acts of the policy committee shall be the acts of the agency.
The members of the policy committee shall be subject to the
provisions of Part 3 (commencing with Section 50900) in the same
manner as members of the board of directors of the agency.

52503. The policy committee is comprised of five voting members,
including a chairperson. The members shall be:
(a) The State Treasurer, or his or her designee, who shall be the
chairperson of the policy committee.
(b) The chairperson of the board appointed pursuant to Section
50901.
(c) The board member appointed by the Governor pursuant to
subdivision (b) of Section 50902.
(d) Both of the board members appointed pursuant to subdivisions
(h) and (i) of Section 50902.
If the chairperson of the board and the person appointed to serve
under subdivision (c) is the same individual, then the fifth voting
member of the policy committee shall be the board member appointed by
the Governor to the board pursuant to subdivision (d) of Section
50902.
If there is no person on the board appointed to serve under
subdivision (c), the Governor shall appoint a person to the policy
committee who would have qualified in that capacity and such
appointee shall serve for a six-year term and shall be subject to
confirmation by the Senate.
The Director of Finance and the executive director of the agency
shall serve as nonvoting, ex officio members of the policy committee.

52504. The First-Time Home Buyers Fund is hereby created in the
State Treasury. All money in the fund is hereby continuously
appropriated to the agency for carrying out the purposes of this
part, and the application of the fund shall be subject to the
provisions of Section 51000, or other applicable provisions of law.
The agency may pledge any or all of the moneys in the fund as
security for payment of the principal of, and interest on, and
redemption premiums on, bonds issued pursuant to this part, and for
such purpose or as necessary or convenient to the accomplishment of
any other purpose of the agency pursuant to this part, may divide the
fund into separate accounts. All moneys accruing to the agency
pursuant to this part from whatever source shall be deposited in the
fund.

52505. In addition to the purposes of the agency provided in
Sections 50154 and 50950, a purpose and role of the agency is to make
financing opportunities available to first-time home buyers in this
state, in the manner provided in this part.

52506. The agency shall have the power to adopt, and from time to
time to amend and repeal, by action of the policy committee, rules
and regulations, not inconsistent with the provisions of this part,
to carry into effect the powers and purposes of the agency pursuant
to this part and the conduct of its business. Rules and regulations
of the agency shall be adopted, amended, repealed, and published in
accordance with the provisions of Chapter 3.5 (commencing with
Section 11340) of Part 1 of Division 3 of Title 2 of the Government
Code.