California Health and Safety Code

§ 50650.5

HSC § 50650.5 Effective Jan 1, 2025Div. 31 · Part 2 · Ch. 6

Statute text

For the purposes of this chapter, all of the following shall apply:

(a)Mutual housing, community land trusts, and limited equity cooperative housing shall be deemed to be forms of home ownership and developments of those types of housing, as defined in subdivision (b), shall be eligible to receive assistance under the CalHome Program. The department may require that mutual housing, community land trust, or limited equity cooperative applicants not simultaneously apply for and receive funding through the department’s rental housing programs for the same projects for which CalHome assistance is sought. For mutual housing, community land trust projects that do not convey an interest in real estate to the homebuyer, and limited equity cooperative projects, all of the following shall apply:

(1)Program funds shall be used for permanent financing only.

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Legislative history

Amended by Stats. 2024, Ch. 580, Sec. 3. (AB 2897) Effective January 1, 2025.