California Statutes
§ 50862. — 50862. (Added by Stats. 2002, Ch. 724, Sec. 2.)
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. 14.5. CHAPTER 14.5. Building Equity and Growth in Neighborhoods Program
A city, county, or city and county that receives a grant from the BEGIN Fund shall use the proceeds from the grant for downpayment assistance to a prospective first-time home buyer who enters into an agreement to purchase a newly constructed home, or a newly erected manufactured home placed on a permanent foundation, with the sponsor or developer of the identified newly constructed project within this city, county, or city and county provided the first-time home buyer qualifies as a person or family of low- or moderate-income, as defined in Section 50093. Any
residence assisted with downpayment financing provided by the BEGIN Fund shall be continuously occupied by the home buyer as his or her principal residence for at least five years following recordation of the deed of trust. If the
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California § 50862. (50862. (Added by Stats. 2002, Ch. 724, Sec. 2.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Added by Stats. 2002, Ch. 724, Sec. 2. Effective January 1, 2003.