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HomeHealth and Safety CodeDiv. 31Pt. 2Ch. 8.3§ 50705 Affordable Housing Loan Program

§ 50705 Affordable Housing Loan Program

Health and Safety Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 50705 Affordable Housing Loan Program

Key Takeaways

  • •This law creates a program to help buy land or buildings to make or keep housing affordable for people.
  • •The program gives out loans to make this happen.
  • •The department in charge makes the rules for how the program works, but they don’t have to follow the usual rule-making process.
  • •Before asking for people to apply for these loans, the department must first set clear rules for the program.

Example

A small town has old apartments that people with low incomes can afford, but a big company wants to buy them and make them expensive.

The town can use money from this program to buy the apartments first and keep them affordable. They’d get a loan from the program to do this, following the rules set by the department.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 50705 Affordable Housing Loan Program

(a) The Affordable Housing Revolving Development and Acquisition Program is hereby established for the purpose of funding the acquisition of property to develop or preserve affordable housing. The program will be comprised of a Loan Fund. (b) The department shall adopt guidelines for the operation of the program. The guidelines shall not be subject to the requirements of Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code. The department shall adopt regulations for the program prior to issuing any request for qualifications funded with loan repayments or any other sources. (Amended by Stats. 2012, Ch. 784, Sec. 1. (AB 1951) Effective January 1, 2013.)

Last verified: January 24, 2026

Key Terms

acquisitionregulationportpropertyloan funddevelopmentaffordable housing revolvingthe affordable housing

Related Statutes

  • § 50706 Affordable Housing Loan Management
  • § 50708 Borrower Reporting Requirements
  • § 50073 Low-Income Housing Development
  • § 50603 Preservation Loan Program Eligibility
  • § 50803 Homeless Housing Grant Uses

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Health and Safety Code. Section 50705.
View Official Source