In the event a purchaser of surplus residential property does not comply with terms, conditions, and restrictions imposed pursuant to Section 54237 of this article, to assure that such housing will remain available to persons and families of low or moderate income, the state agencies which sold the property may require that the purchasers pay the state the difference between the actual price paid by the purchaser for the property and the fair market value of such property, at the time of the agency’s determination of noncompliance, plus 6 percent interest on such amount for the period of time the land has been held by the purchaser. This section does not limit the right to seek injunctive relief to enforce the provisions of this article.

(Added by Stats. 1979, Ch. 1116.)

Terms Used In California Government Code 54238

  • fair market value: shall mean fair market value as of the date the offer of sale is made by the selling agency pursuant to the provisions of this article and shall reflect the existing "as is" condition of the property, taking into account any repairs required to make the property safe and habitable. See California Government Code 54236
  • persons and families of low or moderate income: means persons and families who meet both of the following conditions:

    California Government Code 54236

  • State: means the State of California, unless applied to the different parts of the United States. See California Education Code 19427
  • surplus residential property: means land and structures owned by any agency of the state that is determined to be no longer necessary for the agency's use, and that is developed as single-family or multifamily housing, except property being held by the agency for the purpose of exchange. See California Government Code 54236