California Health and Safety Code

§ 50783

HSC § 50783 Effective Jan 1, 2024Div. 31 · Part 2 · Ch. 11

Statute text

(a)(1) The department may make loans from the fund to resident organizations, qualified nonprofit housing sponsors, and local public entities for the purpose of financing mobilehome park acquisition, conversion, rehabilitation, reconstruction, and replacement.

(2)Loans provided pursuant to this subdivision shall be for a duration, interest rate, and other terms, as determined by the department to be equitable and necessary. Interest rates shall be no more than 3 percent per annum, and the department shall allow loan repayments to be deferred for the full term of the loan, with principal and accumulated interest due and payable upon completion of the term of the loan.

(3)Loans provided pursuant to this subdivision shall be for the minimum amount necessary to enable a resident organization, qualified nonprofit housing sponsor, or local public entity to acquire, convert, rehabilitate, reconstruct, or replace, or any combination thereof, the mobilehome park. To the extent possible, the loan amount shall not exceed 50 percent of the approved costs. However, the loan amount may be for up to 95 percent of the approved costs attributable to the low-income households in the park when approved by the department.

…

Legislative history

Amended by Stats. 2023, Ch. 770, Sec. 19. (AB 1764) Effective January 1, 2024.