California Civil Code

§ 1917.006

CIV § 1917.006Div. 3 · Title 4 · Part 4 · Ch. 3.5

Statute text

For purposes of this chapter:

(a)“Shared appreciation loan” means, in addition to the meaning defined in Section 1917, a loan that obligates the borrower to pay to the lender contingent deferred interest pursuant to the loan documentation and that is made upon the security of an interest in real property that is an owner-occupied residence in compliance with all of the following conditions:

(1)The loan is made by, and all contingent deferred interest paid with respect to the loan is used by, a local public entity to provide financial assistance in the acquisition of housing that is affordable to persons and families of low or moderate income, as defined in Section 50093 of the Health and Safety Code.

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Legislative history

Added by Stats. 1990, Ch. 1606, Sec. 1.