California Health and Safety Code 51320 – The agency may make or purchase loans for the following purposes:(a) …
The agency may make or purchase loans for the following purposes:
(a) To finance the acquisition, construction, or development of mobilehome parks that meet either of the following criteria:
Terms Used In California Health and Safety Code 51320
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- persons of low income: means persons or families who are eligible for financial assistance specifically provided by a governmental agency for the benefit of occupants of housing financed pursuant to this division. See California Health and Safety Code 50093
(1) Are cooperatively owned by persons and families of low and moderate income.
(2) Consist of lots that will be purchased or rented primarily by persons and families of low and moderate income. However, if subsidies are available, the costs of renting spaces and making mortgage payments on manufactured housing shall be affordable to those persons of low income residing within the park. In the event of a mobilehome park owned by a nonprofit corporation which will own the lots and the mobilehomes, the loans may include financing of park acquisition, construction, or development and manufactured housing acquisition.
(b) To finance the purchase of manufactured housing to be placed in a mobilehome park which is financed pursuant to subdivision (a).
(c) For the purposes of this chapter, “loan” shall include lease-purchase financing.
(Amended by Stats. 1993, Ch. 1105, Sec. 6. Effective January 1, 1994.)