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California Law (Last Updated: March 4, 2014) |
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Health and Safety Code - HSC |
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Division 31. HOUSING AND HOME FINANCE |
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Part 2. DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT |
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Chapter 9. Rental Housing Construction Program |
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ARTICLE 2. Rental Construction Incentive Program |
Section 50747.
Latest version.
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The development cost payments provided by the department pursuant to this article shall not exceed 100 percent of the development costs of a rental housing development, and shall not exceed the amount required, when considered with any subsidy or assistance provided by the agency, local finance entity or housing sponsor, including below-market interest financing, to ensure the economic feasibility of restricting occupancy of the rental housing development in accordance with Sections 50736 and 50739. The department may defray all or a portion of development costs as they are incurred, or in accordance with a schedule developed pursuant to subdivision (j) of Section 50746.
(Added by Stats. 1979, Ch. 1043.)