(a) All interest or other increment resulting from any
investment of money in the California Housing Trust Fund may only be
expended, upon appropriation by the Legislature, after allocation to
the Treasurer of an amount not to exceed one-half of 1 percent of any
interest and other increment to cover the actual cost of
administering those investments, for housing programs or those
portions of housing programs authorized by law that serve lower and
very low income households, as defined in Sections 50079.5 and 50105,
respectively.
(b) Not less than 20 percent of any interest or other increment
appropriated by the Legislature in any fiscal year from the
California Housing Trust Fund shall be expended in rural areas, as
defined by Section 50199.21.
(c) Any interest or other increment not appropriated by the
Legislature for the purpose described in subdivision (a) in the
fiscal year succeeding its accrual shall be deposited in the
California Housing Trust Fund and shall no longer be deemed interest
or other increment for the purposes of this section.
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