The Legislature finds and declares that it is essential to the economic growth of the state and the supply of adequate residential and multifamily rental housing in the state and that it is a public purpose to expand the program of the agency of purchasing and selling residential mortgage loans for which all California families may be eligible and financing, purchasing, and selling loans for multifamily rental housing. The Legislature also finds and declares that it is a public purpose to create procedures through which the agency may issue mortgage-backed securities to finance these purchases for sale to pension funds, institutional investors, and individuals.

(Amended by Stats. 1987, Ch. 904, Sec. 6. Effective September 21, 1987.)

Terms Used In California Health and Safety Code 51400

  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Multifamily rental housing: means any existing structure of more than four dwelling units or any work or undertaking of more than four units of new construction, improvement, or rehabilitation for the provision of housing. See California Health and Safety Code 51401
  • State: means the State of California, unless applied to the different parts of the United States. See California Health and Safety Code 23
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