California Health and Safety Code

§ 50784

HSC § 50784 Effective Jun 30, 2022Div. 31 · Part 2 · Ch. 11

Statute text

(a)The department may make loans from the fund to individual low-income residents of mobilehome parks to finance any individual interest in the mobilehome park. The purpose of providing loans pursuant to this section is to reduce the monthly housing costs for low-income residents to an affordable level.

(1)Loans provided pursuant to this section shall be for a duration, interest rate, and other terms, as determined by the department to be equitable and necessary, and shall not jeopardize the financial stability of the fund, as specified in the guidelines. Any interest rate established pursuant to this paragraph shall not exceed 3 percent per annum.

(2)The department shall establish flexible repayment terms for loans provided pursuant to this section to reduce the monthly housing costs for low-income residents to an affordable level, provided that the terms do not represent an unacceptable risk to the security of the fund.

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Legislative history

Amended by Stats. 2022, Ch. 70, Sec. 28. (SB 197) Effective June 30, 2022.