California Health and Safety Code

§ 52097.5

HSC § 52097.5 Effective Mar 11, 2002Div. 31 · Part 5 · Ch. 7 · Art. 4

Statute text

(a)Multifamily rental housing development financed, or for which financing has been extended or committed, pursuant to this chapter from the proceeds of sale of each bond issue shall at all times during the qualified project period meet the requirement of paragraph (1) or (2), whichever is elected by the issuer at the time of issuance of the issue for each development:

(1)Twenty percent or more of the residential units in the development shall be occupied by individuals whose income is 50 percent or less of area median income.

(2)Forty percent or more of the residential units in the development shall be occupied by individuals whose income is 60 percent or less of area median income. As used in this subdivision, “qualified project period,” “income,” and “area median income” shall have the meanings specified in, and shall be determined in accordance with the provisions of, subsection (d) of Section 142 of the Internal Revenue Code of 1986, as amended, and United States Treasury regulations and rulings promulgated pursuant thereto.

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Legislative history

Added by Stats. 2002, Ch. 12, Sec. 1. Effective March 11, 2002.