California Government Code

§ 53542

GOV § 53542 Effective Apr 9, 1982Div. 2 · Title 5 · Part 1 · Ch. 3 · Art. 8

Statute text

(a)The Housing Bond Credit Committee shall, after consultation with appropriate agencies including, but not limited to, the Department of Business and Economic Development, the Department of Housing and Community Development, the Governor’s Office of Planning and Research, the California Housing Finance Agency, the Senate Office of Research, the Assembly Office of Research, and the Department of Finance, designate areas of chronic economic distress in conformity with paragraph (3) of subdivision (k) of Section 103 (A) of the Internal Revenue Code. Criteria to be used in designating areas of chronic economic distress include:

(1)The condition of the housing stock, including the age of the housing and the number of abandoned and substandard residential units.

(2)The need of area residents for owner-financing under this section, as indicated by low per capita income, a high percentage of families in poverty, a high number of welfare recipients, and high unemployment rates.

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Legislative history

Added by Stats. 1982, Ch. 153, Sec. 1. Effective April 9, 1982.