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California Law (Last Updated: March 4, 2014) |
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Military and Veterans Code - MVC |
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Division 4. VETERANS' AID AND WELFARE |
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Chapter 6. State Benefits for Veterans |
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ARTICLE 3. Farm and Home Purchase |
Section 987.16.
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(a) Any veteran for whom a farm or home is purchased under this article may be granted a subsequent opportunity to purchase another farm or home when the farm or home purchased under this article is sold because of any of the following:
(1) Condemnation proceedings instituted by a public agency.
(2) A change in the veteran's employment which compels a change in residence location.
(3) The health of a veteran or of a member of his immediate family compels a change in residence location.
(4) Any increase or decrease in the veteran's obligation to provide housing for dependents has resulted in the livable area of the house being inadequate or excessive for the veteran's current housing needs.
(5) Increased real property taxes beyond the veteran's ability to pay.
(b) The provisions of subdivision (a) shall apply only if the veteran pays his purchase contract in full, applies for a subsequent loan within six months from date of sale and pays toward the purchase of the new farm or home the net equity received from sale of the former property.
(c) Only one farm or home purchased under this article shall be owned by a veteran or a veteran and the veteran's spouse at any one time under the provisions of this article.
(d) Any veteran for whom a farm or home is purchased under this article may be granted a subsequent opportunity to purchase another farm or home if he has paid his purchase contract in full, and qualifies as a veteran as described in Section 980, under another separate period of service, or the veteran and the veteran's spouse each qualify as a veteran as described in Section 980.
(e) A member of the armed forces, eligible for military retirement who meets the residence requirements of Section 980, or a veteran as described in Section 980 who is receiving military retirement pay, for whom a farm or home was purchased under this article while in active military service, may be granted a subsequent opportunity to purchase another farm or home provided he has paid his purchase contract in full and has served during more than one period for which eligibility is granted.