California Health and Safety Code

§ 50406.7

HSC § 50406.7 Effective Jan 1, 2019Div. 31 · Part 2 · Ch. 1

Statute text

(a)Notwithstanding any other law, the department shall reduce the interest rate on any loan issued by the department to a rental housing development to as low as forty-two hundredths of 1 percent per annum, or a rate determined by the department that is sufficient to cover the costs of project monitoring described in subdivision (c) of Section 50675.6, whichever is greater, if the following conditions are met:

(1)The development will utilize low-income housing tax credits.

(2)The department determines either one of the following:

…

Legislative history

Amended by Stats. 2018, Ch. 765, Sec. 1. (AB 2562) Effective January 1, 2019.