California Law (Last Updated: March 4, 2014) |
Health and Safety Code - HSC |
Division 31. HOUSING AND HOME FINANCE |
Part 1. STATE HOUSING POLICY AND GENERAL PROVISIONS |
Chapter 1. Legislative Findings and Declarations |
Section 50009.
-
The Legislature finds and declares that the utilization of tax-exempt mortgage revenue bonds can, and should, encourage the production of housing units affordable to low- and moderate-income persons and families. The Legislature further finds and declares that as a result of recent bond interest rates at historically high levels, tax-exempt mortgage revenue bond programs may not be able to provide housing affordable to low- and moderate-income persons and families, without an additional subsidy. The Legislature further finds and declares that the effectiveness of tax-exempt mortgage revenue bonds in reducing the housing costs of low- and moderate-income persons and families should be carefully monitored by the Legislature to permit an assessment of the costs and benefits of this financing mechanism.