Section 33413.7 Of Article 9. Relocation Of Persons Displaced By Projects From California Health And Safety Code >> Division 24. >> Part 1. >> Chapter 4. >> Article 9.
33413.7
. An agency causing the rehabilitation, development, or
construction of replacement dwelling units, other than single-family
residences, pursuant to Section 33413 or Section 33464, or pursuant
to a replacement housing plan as required by Section 33413.5, or
pursuant to provisions of a redevelopment plan required by Section
33334.5, primarily for persons of low income, as defined in Section
50093, shall give preference to those developments that are proposed
to be organized as limited-equity housing cooperatives, when so
requested by a project area committee established pursuant to Section
33385, provided the project is achievable in an efficient and timely
manner.
The limited-equity housing cooperatives shall, in addition to the
provisions of Section 817 of the Civil Code, be organized so that the
consideration paid for memberships or shares by the first occupants
following construction or acquisition by the corporation, including
the principal amount of obligations incurred to finance the share or
membership purchase, does not exceed 3 percent of the development
cost or acquisition cost, or of the fair market value appraisal by
the permanent lender, whichever is greater.