California Government Code 62109 – (a) Notwithstanding Sections 50079.5, 50093, and 50105 of the …
(a) Notwithstanding Sections 50079.5, 50093, and 50105 of the Health and Safety Code, for purposes of providing assistance to mortgagors participating in a homeownership residential mortgage revenue bond program pursuant to § 33750 of the Health and Safety Code, or a home financing program pursuant to § 52020 of the Health and Safety Code, or a California Housing Finance Agency home financing program, “area median income” means the highest of the following:
(1) Statewide median household income.
Terms Used In California Government Code 62109
- Authority: means the Community Revitalization and Investment Authority created pursuant to this division. See California Government Code 62000
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18
- Subdivision: means a subdivision of the section in which the term occurs unless some other section is expressly mentioned. See California Government Code 10
(2) Countywide median household income.
(3) Median family income for the area, as determined by the United States Department of Housing and Urban Development with respect to either a standard metropolitan statistical area or an area outside of a standard metropolitan statistical area.
(b) To the extent that any portion of the Low and Moderate Income Housing Fund is expended to provide assistance to mortgagors participating in programs whose income exceeds that of persons and families of low or moderate income, as defined in § 50093 of the Health and Safety Code, the authority shall, within two years, expend or enter into a legally enforceable agreement to expend twice that sum exclusively to increase and improve the community’s supply of housing available at an affordable housing cost, as defined in Section 50052.5, to lower income households, as defined in § 50079.5 of the Health and Safety Code, of which at least 50 percent shall be very low income households, as defined in § 50105 of the Health and Safety Code.
(c) In addition to the requirements of subdivision (c) of § 33413 of the Health and Safety Code, the authority shall require that the lower and very low income dwelling units developed pursuant to this subdivision remain available at an affordable housing cost to lower and very low income households for at least 45 years, except as to dwelling units developed with the assistance of federal or state subsidy programs which terminate in a shorter period and cannot be extended or renewed.
(d) The authority shall include within the report required by Section 62008 information with respect to compliance by the agency with the requirements of this subdivision.
(Added by Stats. 2015, Ch. 319, Sec. 2. (AB 2) Effective January 1, 2016.)