Chapter 3 - Program Priorities - California Health and Safety Code

Sections (3)

Added by Stats. 1993, Ch. 115, Sec. 4. Effective July 15, 1993.

The agency shall establish priorities for the allocation of loan-insurance assistance in accordance with the purposes and general provisions of Chapter 2 (commencing with Section 50950) of Part 3 of this division and Article 6 (commencing with Section 51225) of Chapter 5 of Part 3 of this division, in compliance with the needs identified in the California Statewide Housing Plan, and as provided in this part.

§ 51647

Added by Stats. 1993, Ch. 115, Sec. 4. Effective July 15, 1993.

The agency shall establish and maintain separate accounts in the insurance fund for a single-family mortgage guaranty insurance program and a multifamily residential mortgage guaranty insurance program. Each program shall be actuarially sound and shall be capitalized through separate insurance funds.

§ 51648

Amended by Stats. 2003, Ch. 553, Sec. 9. Effective January 1, 2004.

While maintaining the actuarial soundness of the fund, the agency shall make efforts to do both of the following:

(a)Equitably distribute insurance based on a regionalized basis, weighted in accordance with the geographic distribution of the state’s population.

(b)Focus on housing opportunities that benefit any of the following:

(1)Households with incomes at or below area median income.

(2)Households that require mortgages at or above 95 percent of the price of the home.

(3)Households that are participating in locally administered housing programs.