California Law (Last Updated: March 4, 2014) |
Health and Safety Code - HSC |
Division 31. HOUSING AND HOME FINANCE |
Part 3. CALIFORNIA HOUSING FINANCE AGENCY |
Chapter 5. Financing of Housing Developments and Residential Structures |
ARTICLE 4. Lender of Last Resort |
Section 51176.
Latest version.
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In rural mortgage areas the agency may make and undertake commitments to make construction loans and mortgage loans to finance owner-occupied residential structures without the participation of a qualified mortgage lender if no qualified mortgage lender will participate in financing such residential structures as provided in Article 2 (commencing with Section 51125) or Article 3 (commencing with Section 51150) of this chapter, or if the board determines that the agency can initiate or service loans directly at less cost than through use of a qualified mortgage lender.
(Amended by Stats. 1981, Ch. 1031.)