California Education Code

§ 22360.5

EDC § 22360.5 Effective Jan 1, 2000Div. 1 · Title 1 · Part 13 · Ch. 6

Statute text

(a)The board may include in any investment program established pursuant to Section 22360 a procedure whereby a member may obtain 100 percent financing for the purchase for a single-family dwelling unit in accordance with the following criteria:

(1)The member shall obtain one loan secured by the purchased home, pursuant to Section 22360, and a second personal loan secured by a portion of the accumulated retirement contributions in the member’s individual account. The personal loan shall only be used for the purchase of the member’s principal residence and not for a loan to refinance the member’s existing mortgage.

(2)The loan secured by the purchased home shall be consistent with the requirements imposed by Section 22360.

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Legislative history

Added by Stats. 1999, Ch. 939, Sec. 27. Effective January 1, 2000.