California Government Code

§ 31602

GOV § 31602Div. 4 · Title 3 · Part 3 · Ch. 3 · Art. 5

Statute text

Notwithstanding any other provision of law, the board of retirement, or, in counties that have established a board of investments, the board of investments, may establish a program utilizing the retirement fund to assist system members and annuitants, through financing, to obtain homes in this state. The board shall adopt regulations governing the program which shall, among other things, provide:

(a)That home loans be made available to currently employed members and annuitants for the purchase of single-family dwellings, two-family dwellings, three-family dwellings, four-family dwellings, single-family cooperative apartments, and single-family condominiums.

(b)That private lending institutions in this state shall originate and service its home loans pursuant to agreements entered into between those institutions and the board.

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Legislative history

Amended by Stats. 1991, Ch. 1091, Sec. 58.