California Health and Safety Code

§ 50706

HSC § 50706 Effective Oct 13, 2007Div. 31 · Part 2 · Ch. 8.3

Statute text

(a)(1) The department shall issue a request for qualification to select a private sector entity to manage the Loan Fund for a period of five years, and the agreement may be extended in additional five-year increments. The selected fund manager shall be responsible for reviewing and approving loan applications, originating and servicing loans, and establishing terms and conditions for loan applications. The fund manager shall meet all of the following criteria:

(A)Be a nonprofit lender with experience making similar loans in this state.

(B)Have originated and serviced loans in the aggregate amount of not less than thirty million dollars ($30,000,000) that were used to develop or acquire affordable housing, including at least ten million dollars ($10,000,000) or more in acquisition loans.

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Legislative history

Added by Stats. 2007, Ch. 652, Sec. 2. Effective October 13, 2007.