California Health and Safety Code

§ 50531

HSC § 50531 Effective Oct 1, 2001Div. 31 · Part 2 · Ch. 3.5

Statute text

(a)The Urban Predevelopment Loan Fund is hereby renamed the Predevelopment Loan Fund.

(b)Notwithstanding Section 13340 of the Government Code, all money in the fund, including any interest on loans made from the fund, is hereby continuously appropriated to the department for carrying out the purposes of this chapter, together with interest as provided in that section. The fund shall be a revolving loan fund that shall be used to make predevelopment loans and land purchase loans to eligible sponsors for assisted housing for occupancy primarily by persons of low income.

(c)All interest, dividends, and pecuniary gains from investments or deposits of moneys in the fund shall accrue to the fund, notwithstanding Section 16305.7 of the Government Code. There shall be paid into the fund all of the following:

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Legislative history

Amended by Stats. 2001, Ch. 395, Sec. 7. Effective October 1, 2001.