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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 3. CALIFORNIA HOUSING FINANCE AGENCY |
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Chapter 4. General Powers |
Section 51054.
Latest version.
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The agency may make or undertake commitments to make development loans, construction loans, mortgage loans, and property improvement loans to housing sponsors to finance housing developments, as provided in Chapter 5 (commencing with Section 51100) of this part.
The agency may, in conjunction with a construction loan, set aside a reserve to provide improvement security required under subdivision (c) of Section 66462 and Chapter 5 (commencing with Section 66499) of Division 2 of Title 7 of the Government Code, which shall be in lieu of improvement security otherwise required by such provisions.
(Amended by Stats. 1979, Ch. 1207.)