§ 51177. — 51177. (Amended by Stats. 1982, Ch. 1452, Sec. 13.)

California § 51177.

• Jurisdiction: California
• Code HSC: Health and Safety Code - HSC
• Div. 31.: DIVISION 31. HOUSING AND HOME FINANCE
• Part 3.: PART 3. CALIFORNIA HOUSING FINANCE AGENCY
• Ch. 5.: CHAPTER 5. Financing of Housing Developments and Residential Structures
• Art. 4.: ARTICLE 4. Lender of Last Resort

Text

The agency may make and undertake commitments to make construction loans and mortgage loans to finance residential structures without the participation of a qualified mortgage lender where the income of the owner-occupant is no greater than 65 percent of the median income for the area in which the residential structure is located as determined by the United States Department of Housing and Urban Development or by the agency’s reference to current data of the U.S. Census Bureau. The income at 65 percent of median shall be based on a family of four with adjustments above and below such maximum to compensate for family
size.

Legislative History

Amended by Stats. 1982, Ch. 1452, Sec. 13. Effective September 27, 1982. Operative January 1, 1983, by Sec. 16 of Ch. 1452.