California Health and Safety Code

§ 52560

HSC § 52560 Effective Jan 1, 1993Div. 31 · Part 6.2 · Ch. 4

Statute text

(a)In order to achieve the objectives and carry out the purposes of this part, the corporation may do all of the following:

(1)Raise equity funds, from corporations or individuals, for housing and related facilities sponsored by nonprofit housing development corporations organized pursuant to state or federal law, primarily for the benefit of very low income or low-income households.

(2)Except as provided in paragraph (5), where no local nonprofit housing development corporation exists, plan, initiate, and carry out the acquisition, rehabilitation, acquisition and rehabilitation, or construction of housing and related facilities pursuant to state or federal law, primarily for the benefit of very low income households or low-income households, only to the extent necessary to carry out the purposes of this chapter in raising equity capital.

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Legislative history

Amended by Stats. 1992, Ch. 775, Sec. 1. Effective January 1, 1993.