The Legislature finds and declares that it is necessary and essential that redevelopment agencies be authorized to make long-term, low-interest loans through qualified mortgage lenders to finance residential construction in order to encourage investment and upgrade redevelopment project areas and increase the supply of housing. Unless redevelopment agencies intervene to generate mortgage funds and to provide some form of assistance to finance residential construction, many redevelopment areas will stagnate and deteriorate because owners and investors are not able to obtain loans from private sources.

The Legislature further finds and declares that financing of rehabilitation, as provided in this chapter, serves an essential public purpose for the economic renewal of our cities.

Terms Used In California Health and Safety Code 33750

  • Financing: means the lending of moneys or any other thing of value for the purpose of facilitating residential construction pursuant to this chapter, including the making of construction loans and mortgage loans to purchasers of newly constructed and newly rehabilitated residences and the making of loans to qualified mortgage lenders, and the making of mortgage loans to purchasers of newly constructed or existing residences located in targeted areas as provided in Section 33760. See California Health and Safety Code 33753
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Rehabilitation: means repairs and improvements to a substandard residence necessary to make it meet local codes. See California Health and Safety Code 33753
  • Residential construction: means the construction of new residences or the rehabilitation and improvement of substandard residences to meet requirements of local codes and the redevelopment plan. See California Health and Safety Code 33753

(Amended by Stats. 1981, Ch. 602.)

  Previous section
Next section  
 Article 1 Contents