California Health and Safety Code

§ 50550.1

HSC § 50550.1 Effective Jan 1, 2003Div. 31 · Part 2 · Ch. 3.8

Statute text

(a)To the extent that funds are available, the department shall provide local assistance grants to a city, county, or city and county that issues a building permit for a housing development consisting of newly constructed units that are affordable to very low or low-income households if all of the following conditions are met:

(1)Final land use approval was granted to the development on or after January 1, 2004.

(2)(A) In the case of rental units, the development is subject to a regulatory agreement recorded against the property that obligates the owner to maintain rents on the restricted units at levels affordable to very low or low-income households for at least 55 years.

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Legislative history

Added by Stats. 2002, Ch. 482, Sec. 1. Effective January 1, 2003.