California Government Code

§ 62101

GOV § 62101 Effective Jan 1, 2016Div. 4 · Title 6 · Part 2 · Ch. 1

Statute text

(a)The funds that are required by Section 62100 or 62103 to be used for the purposes of increasing, improving, and preserving the community’s supply of low- and moderate-income housing shall be held in a separate Low and Moderate Income Housing Fund until used.

(b)Any interest earned by the Low and Moderate Income Housing Fund and any repayments or other income to the authority for loans, advances, or grants, of any kind from the Low and Moderate Income Housing Fund, shall accrue to and be deposited in, the fund and may only be used in the manner prescribed for the Low and Moderate Income Housing Fund.

(c)The moneys in the Low and Moderate Income Housing Fund shall be used to increase, improve, and preserve the supply of low- and moderate-income housing within the territorial jurisdiction of the authority.

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Legislative history

Added by Stats. 2015, Ch. 319, Sec. 2. (AB 2) Effective January 1, 2016.