(a) The department, after consummating a purchase transaction under the provisions of this article and the veteran having occupied the property as required by Section 987.60 of this article, may:

(1) Annually waive the occupancy requirement on a showing of good cause. The property financed under this article is intended to remain owner-occupied, and not become an investment, rental, or business property.

lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In California Military and Veterans Code 987.62

  • department: means the Department of Veterans Affairs. See California Military and Veterans Code 690
  • Farm: means a tract of land, which, in the opinion of the department, is capable of producing sufficient income to provide payment of the amortized contract installments, including principal, interest, and taxes. See California Military and Veterans Code 987.53
  • Home: includes all of the following:

    California Military and Veterans Code 987.53

  • Mobilehome: means either a parcel of real estate, or an undivided interest in common in a portion of a parcel of real property, on which is sited one or more mobilehome modules, or a site in a mobilehome park, as defined in §. See California Military and Veterans Code 987.53

(2) Waive the occupancy requirement for any period of time if the property is a farm and if the veteran personally cultivates the property and harvests the crops or tends livestock.

(3) Annually waive the veteran-occupied unit of a residence with two or four units.

(b) The department shall establish standards for the occupancy waiver and shall make those standards known.

(c) The department shall waive the occupancy requirement in any case where the State Department of Health determines that health hazards on adjacent property render the farm, home, or mobilehome unsuitable for occupancy, and the waiver shall be effective as long as those conditions exist.

(Amended by Stats. 2021, Ch. 549, Sec. 11. (SB 661) Effective January 1, 2022.)

  Previous section
Next section  
 Article 3.1 Contents