California Statutes
§ 51206. — 51206. (Added by Stats. 1977, Ch. 610.)
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
Whenever a housing sponsor of a rental or cooperative housing development accumulates an earned surplus greater than such operating and replacement reserves as the agency may require, that surplus shall be used to reduce rents within the housing development to a level at which no person or family of low or moderate income occupying the housing development pays more than the affordable rent. Whenever a housing sponsor of a rental or cooperative housing development accumulates an earned surplus greater than such operating and replacement reserves as the agency may require and no person or family of low or moderate income occupying the
housing development pays more than the affordable rent, then such surplus shall be transferred to the agency for use in lowering the rents for persons and
Free access — add to your briefcase to read the full text and ask questions with AI
California § 51206. (51206. (Added by Stats. 1977, Ch. 610.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Added by Stats. 1977, Ch. 610.