California Health and Safety Code

§ 51504

HSC § 51504 Effective Jan 1, 2014Div. 31 · Part 3 · Ch. 11

Statute text

(a)The agency shall administer a downpayment assistance program that includes, but is not limited to, all of the following:

(1)Downpayment assistance shall include, but not be limited to, a deferred-payment, low-interest, junior mortgage loan to reduce the principal and interest payments and make financing affordable to first-time low- and moderate-income home buyers.

(2)(A) Except as provided in subparagraph (B) or (C), the amount of downpayment assistance shall not exceed 3 percent of the home sale price.

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Legislative history

Amended (as amended by Stats. 2013, Ch. 82) by Stats. 2013, Ch. 770, Sec. 1. (AB 637) Effective January 1, 2014. Inoperative on July 1, 2016, as provided in Section 51511.