California § 50720.4. 50720.4. (Amended by Stats. 2024, Ch. 580, Sec. 5.)

California Statutes

§ 50720.4. — 50720.4. (Amended by Stats. 2024, Ch. 580, Sec. 5.)

California·Code HSC Health and Safety Code - HSC·Div. 31. DIVISION 31. HOUSING AND HOME FINANCE·Part 2. PART 2. DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT·Ch. 8.6. CHAPTER 8.6. Foreclosure Intervention Housing Preservation Program

As used in this chapter:

(a)“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.

(b)“Community land trust” has the same definition as that term is defined in clause (ii) of subparagraph (C) of paragraph (11) of subdivision (a) of Section 402.1 of the Revenue and Taxation Code, as amended by the act adding this subdivision.

(c)“Department” means the Department of Housing and Community Development.

(d)“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:

(1)There is a mortgage delinq

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As used in this chapter:
(a)
“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.
(b)
“Community land trust” has the same definition as that term is defined in clause (ii) of subparagraph (C) of paragraph (11) of subdivision (a) of Section 402.1 of the Revenue and Taxation Code, as amended by the act adding this subdivision.
(c)
“Department” means the Department of Housing and Community Development.
(d)
“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:
(1)
There is a mortgage delinquency of at least 90 days.
(2)
There is a delinquency on two or more property tax payments.
(3)
The owner of the property is a debtor in a bankruptcy proceeding.
(4)
There is tenant-initiated litigation against the owner of the property on the basis of lack of habitability.
(5)
A local government body responsible for enforcing
building codes has deemed the property partially or fully uninhabitable.
(6)
There are other indicators that the department may prescribe in the guidelines adopted pursuant to this chapter.
(e)
“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.
(f)
“Program” means the Foreclosure Intervention Housing Preservation Program.
(g)
“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.
(h)
“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.

California § 50720.4. (50720.4. (Amended by Stats. 2024, Ch. 580, Sec. 5.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.