§ 51601. — 51601. (Repealed and added by Stats. 1993, Ch. 115, Sec. 4.)

It is the intent of the Legislature in enacting this part to establish programs of bond and loan insurance for the following purposes:
(a)
To encourage homeownership opportunities for low- and moderate-income rental households and to encourage multifamily residential construction and rehabilitation, all of which will revitalize the state’s economy and provide security for these households.
(b)
To encourage and facilitate the preservation of existing housing and improve housing opportunities by reducing the risk factor for all of the following:
(1)
Loans to persons and families of low and moderate income for housing in older deteriorating areas and neighborhood preservation areas.
(2)
Bonds issued by governmental agencies for the purpose of providing housing for persons and families of low or moderate income.
(3)
Loans to provide housing for persons and families of low or moderate income.
(4)
Privately financed loans for multifamily residential housing that benefits low- and moderate-income households.
(5)
Construction loan loss guarantee assistance for rehabilitation of buildings in need of rehabilitation improvements, where the building has been identified by local jurisdictions as being potentially hazardous.
(c)
To encourage and facilitate housing opportunities for low-income and moderate-income households which might not readily be available in the private market due to, in part, location, type of housing, and income group serviced, provided, however, that the actuarial soundness of the insurance fund not be jeopardized.
(d)
To provide single-family and multifamily residential housing mortgage guaranty insurance.
(e)
To provide single-family and multifamily residential guaranty insurance for construction loans.
(f)
To provide credit enhancements for the development of new, or the purchase or refinancing of existing, low-income and moderate-income housing.

Legislative History

Repealed and added by Stats. 1993, Ch. 115, Sec. 4. Effective July 15, 1993.