Pursuant to this division, the local agency may provide financing to pay for or buy out any existing note or deed of trust which may be a lien against the real property on which an eligible building is situated, not to exceed an 80 percent loan to appraised value ratio. The local agency shall establish rules and regulations to ensure the repayment of the funds being borrowed and shall establish a minimum equity requirement that the owner of the eligible building must have in the property.

(Added by Stats. 1990, Ch. 378, Sec. 1.)

Terms Used In California Health and Safety Code 55002.5

  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Eligible building: means a building existing on the effective date of this section which is identified as hazardous pursuant to Article 4 (commencing with Section 19160) of Chapter 2 of Part 3 of Division 13, with the exception of the following:

    California Health and Safety Code 55001

  • Financing: means a loan made by the local agency pursuant to this division to the owner of an eligible building for eligible costs and which is secured by a deed of trust or mortgage upon the real property improved thereby. See California Health and Safety Code 55001
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Local agency: means a city, county, or city and county. See California Health and Safety Code 55001
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.