Terms Used In California Codes > Health and Safety Code > Division 31 > Part 2 > Chapter 14 - Housing Preservation and Information Service

• Contract: A legal written agreement that becomes binding when signed.
• Conversion: means any of the following:

  California Health and Safety Code 50852

• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• FmHA: means the Farmers Home Administration. See California Health and Safety Code 50852
• 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}
• HUD: means the United States Department of Housing and Urban Development. See California Health and Safety Code 50852
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Owner: means the person, partnership, or corporation that is a party to a contract with a federal, state, or local governmental agency which provides a mortgage, mortgage assistance, or rent subsidy. See California Health and Safety Code 50852
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• related entity: means a spouse, parent, child, or other individual who is blood related to the owner, a partnership if the owner is either a general or limited partner of the partnership, a corporation if the owner serves on the board of directors of the corporation or if the owner is a holder of 1 percent, or more, of the stock of the corporation, and any other business entity for which the owner has primary authority for management of the business. See California Health and Safety Code 50852
• Spouse: includes "registered domestic partner" as required by §. See California Health and Safety Code 12.2
• Subsidized rental unit: means any unit with a rent that was subject to regulation by a federal, state, or local governmental agency prior to conversion. See California Health and Safety Code 50852