California Military and Veterans Code

§ 987.010

MVC § 987.010 Effective Jan 1, 2021Div. 4 · Ch. 6 · Art. 3.2

Statute text

(a)For any loans issued pursuant to this article, loan terms shall be consistent with Section 50675.6 of the Health and Safety Code.

(b)All moneys received by the department in repayment of loans made pursuant to this article, including interest and payments in advance in lieu of future interest, shall be deposited in the Housing Rehabilitation Loan Fund established by Section 50661 of the Health and Safety Code, and notwithstanding Section 13340 of the Government Code, are continuously appropriated to the department for the purposes of the Multifamily Housing Program (Chapter 6.7 (commencing with Section 50675) of Part 2 of Division 31 of the Health and Safety Code), except as otherwise provided in this section.

(c)The department may designate an amount not to exceed 1.5 percent of funds appropriated for use pursuant to subdivision (b) for the purposes 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 pursuant to this article. The funds so designated shall be known as the “default reserve.”

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Legislative history

Repealed (in Sec. 21) and added by Stats. 2020, Ch. 192, Sec. 22. (AB 434) Effective January 1, 2021. Section operative January 1, 2022, by its own provisions.