Terms Used In California Codes > Health and Safety Code > Division 31 > Part 2 > Chapter 8.6 - Foreclosure Intervention Housing Preservation Program

• Appraisal: A determination of property value.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• 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}
• 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. See California Health and Safety Code 50720.4
• Contract: A legal written agreement that becomes binding when signed.
• County: includes city and county. See California Health and Safety Code 14
• 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}
• 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:

  California Health and Safety Code 50720.4

• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{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.
• 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. See California Health and Safety Code 50720.4
• 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.
• 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. See California Health and Safety Code 50720.4
• Trustee: A person or institution holding and administering property in trust.