California Health and Safety Code

§ 51650

HSC § 51650 Effective Jan 1, 2004Div. 31 · Part 4 · Ch. 4

Statute text

(a)(1) To be qualified for loan insurance, a borrower shall be, or by reason of a loan insured pursuant to this part shall become, the owner of a multifamily rental housing development or a single-family residential structure for which an insured loan is authorized, and shall be able to bear the usual expenses of maintaining the housing development, development, or structure and repay the loan.

(2)To be qualified for loan insurance on a single-family residential housing unit, the borrower shall also do either of the following:

(A)Qualify as a person or family of low or moderate income, as that term is defined in Section 51603.

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Legislative history

Amended by Stats. 2003, Ch. 553, Sec. 10. Effective January 1, 2004.