Bill Text: CA AB1432 | 2009-2010 | Regular Session | Amended

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Bill Title: Qualified mortgage lender loans: terms and conditions.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-02-02 - From committee: Filed with the Chief Clerk pursuant to Joint Rule 56. [AB1432 Detail]

Download: California-2009-AB1432-Amended.html

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BILL NUMBER: AB 1432	AMENDED
	BILL TEXT

	AMENDED IN ASSEMBLY  APRIL 2, 2009

INTRODUCED BY   Assembly Member Mendoza

                        FEBRUARY 27, 2009

   An act to  amend Section 51150 of   add
Section 51150.5 to  the Health and Safety Code, relating to
housing.



	LEGISLATIVE COUNSEL'S DIGEST


   AB 1432, as amended, Mendoza. Qualified mortgage lender loans:
terms and conditions.
   Existing law establishes the California Housing Finance Agency for
the primary purpose of meeting the housing needs of persons and
families of low or moderate income. Existing law authorizes the
agency to make loans to qualified mortgage lenders under terms and
conditions requiring the proceeds to be used for making construction
loans and mortgage loans for the purpose of financing housing
developments and residential structures.
   This bill would  , instead, provide that an agency may
make loans to qualified mortgage lenders under terms and conditions
requiring the proceeds to be used by lenders for the purpose of
making or refinancing acquisition, construction, and development
loans and mortgage loans   provide that if the agency
receives funds from the federal   Troubled Asset Relief
Program established pursuant to the Emergency Economic Stabilization
Act of 2008, the agency would be limited to using the funds to make
or refinance acquisition, construction, or development loans for
housing developments or residential structures for persons meeting an
income test  .
   Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

   SECTION 1.    Section 51150.5 is added to the 
 Health and Safety Code   , to read:  
   51150.5.  Notwithstanding any other law, if the agency receives
funds from the federal Troubled Asset Relief Program established
pursuant to the Emergency Economic Stabilization Act of 2008 (12
U.S.C. Sec. 5201 et seq.), the agency shall use the funds to make or
refinance acquisition, construction, or development loans for housing
developments or residential structures affordable to persons and
families earning up to 200 percent of the area median income. 

  SECTION 1.    Section 51150 of the Health and
Safety Code is amended to read:
   51150.  The agency may make loans to qualified mortgage lenders
under terms and conditions requiring the proceeds thereof to be used
by those mortgage lenders for the purpose of making or refinancing
acquisition, construction, and development loans and mortgage loans
for the purpose of financing housing developments and residential
structures.