California Health and Safety Code

§ 50058.5

HSC § 50058.5 Effective Jun 29, 1982Div. 31 · Part 1 · Ch. 2

Statute text

“Buy-down mortgage plan” is a program by which the effective interest cost to the purchaser of a real property is reduced below market rates through supplemental payments by the agency to a qualified mortgage lender in return for which the agency shall obtain from the purchaser an interest-bearing note secured by a subordinated mortgage on the property which is purchased.

Legislative history

Added by Stats. 1982, Ch. 320, Sec. 3. Effective June 29, 1982.