§ 51202. — 51202. (Amended by Stats. 1981, Ch. 1031.)

California § 51202.

• 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. 5.: ARTICLE 5. Supervision of Housing Sponsors

Text

Every housing sponsor of a rental or cooperative housing development which receives a construction loan or mortgage loan or a grant pursuant to this part shall enter into an agreement with the agency providing for the regulation of the disposition of property. No housing sponsor of a rental housing development receiving a mortgage loan pursuant to this part shall receive an earnings distribution of more than 6 percent of the equity invested in the housing development, unless a higher limitation on earnings distribution is otherwise provided by rules and regulations of the agency.
The agency
may permit a distribution greater than 6 percent to investors contributing additional equity money to an existing housing development, or in the case of a housing development over which the agency has assumed managerial and financial control pursuant to Section 51203, or in any case where it would materially contribute to meeting the policies or goals of this division.

Legislative History

Amended by Stats. 1981, Ch. 1031.