Cal. Health and Safety Code § 51349.3
Cal. Health and Safety Code § 51349.3
California · California Health and Safety Code · Status: effective · Effective 2026-07-13
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- Citation
- Cal. Health and Safety Code § 51349.3, California, version 1 as recorded 2026-07-25, yourstate.us, https://yourstate.us/provision/869872
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Full text
For purposes of this chapter, the following definitions apply:
(a) “Agency” means the California Housing Finance Agency.
(b) “Construction loan loss guarantee” means a form of credit enhancement in which the agency agrees to reimburse a participating lender for a portion of the loss incurred on an eligible construction loan made to an eligible homeowner for the construction, reconstruction, or renovation of a home damaged or destroyed in a qualified disaster.
(c) “Construction loan rate buydown” means a form of financial assistance in which the agency reimburses the participating lender for all or a portion of lender funded temporary or permanent interest rate reductions on an eligible construction loan made to an eligible homeowner for the construction, reconstruction, or renovation of a home damaged or destroyed in a qualified disaster.
(d) “Qualified disaster” means a disaster that received a state of emergency proclamation by the Governor, or a major disaster declaration approved by the President of the United States.