California Health and Safety Code 50720.4 – As used in this chapter:(a) “Capitalized operating subsidy …
As used in this chapter:
(a) “Capitalized operating subsidy reserve” means funds that are set aside before a property is acquired pursuant to this chapter to cover the property’s operating expenses over time.
Terms Used In California Health and Safety Code 50720.4
- Appraisal: A determination of property value.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Department: means the Department of Housing and Community Development. See California Health and Safety Code 50720.4
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Program: means the Foreclosure Intervention Housing Preservation Program. See California Health and Safety Code 50720.4
- Property acquisition costs: means direct real property acquisition costs such as payment of the purchase price and any liens on eligible properties in addition to repairs required to ensure a property and its structures are in compliance with all applicable habitability, health, and safety laws. See California Health and Safety Code 50720.4
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Trustee: A person or institution holding and administering property in trust.
(b) “Department” means the Department of Housing and Community Development.
(c) “Foreclosure risk intervention sale” means a sale of a 1 to 25 unit residential real property that is not owner occupied and that exhibits indicators of foreclosure risk at the time of sale including, but not limited to, the following:
(1) There is a mortgage delinquency of at least 90 days.
(2) There is a delinquency on two or more property tax payments.
(3) The owner of the property is a debtor in a bankruptcy proceeding.
(4) There is tenant-initiated litigation against the owner of the property on the basis of lack of habitability.
(5) A local government body responsible for enforcing building codes has deemed the property partially or fully uninhabitable.
(6) There are other indicators that the department may prescribe in the guidelines adopted pursuant to this chapter.
(d) “Preforeclosure intervention sale” means a sale of a 1 to 25 unit residential real property that is subject to a recorded notice of default by a trustee representing a beneficiary at the time of the sale.
(e) “Program” means the Foreclosure Intervention Housing Preservation Program.
(f) “Property acquisition costs” means direct real property acquisition costs such as payment of the purchase price and any liens on eligible properties in addition to repairs required to ensure a property and its structures are in compliance with all applicable habitability, health, and safety laws.
(g) “Transaction costs” means costs related to acquiring a property, which may include property appraisal, transfer taxes, financing costs, underwriting, project management, broker fees, and legal fees.
(Amended by Stats. 2022, Ch. 70, Sec. 21. (SB 197) Effective June 30, 2022.)