California Health and Safety Code

§ 50410

HSC § 50410 Effective Jun 30, 2025Div. 31 · Part 2 · Ch. 1

Statute text

(a)There is hereby established in the State Treasury the Affordable Housing Default Reserve Account. All interest or other increments resulting from the investment of moneys in the Affordable Housing Default Reserve Account shall be deposited in the account, notwithstanding Section 16305.7 of the Government Code.

(b)Notwithstanding Section 13340 of the Government Code, all moneys in the account are continuously appropriated to the department for the purpose of curing or averting a default on the terms of any loan or other obligation by the recipient of financial assistance, or bidding at any foreclosure sale where the default or foreclosure sale would jeopardize the department’s security in the rental housing development assisted by the department.

(c)The department may use funds in the account to repair or maintain any rental housing development assisted by the department that was acquired to protect the department’s security interest.

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Legislative history

Added by Stats. 2025, Ch. 22, Sec. 49. (AB 130) Effective June 30, 2025.