(a) The Legislature finds and declares that the provision
of housing is itself a fundamental purpose of this part and of the
authority. There is a generally inadequate supply of decent, safe,
and sanitary housing on the site available to the faculty and staff
of the California State University, Channel Islands, and to persons
and families of low or moderate income, as defined by Section 50093.
The inadequate supply of this housing threatens the accomplishment of
the primary purposes of this part and of the authority. Therefore,
the Legislature finds and declares that the provision of housing
pursuant to this section and the use of taxes allocated to the
authority pursuant to subdivision (b) of Section 33670 is of
statewide benefit and of particular benefit and assistance to the
redevelopment of the former Camarillo State Hospital as the site of a
California State University campus.
(b) Not less than 20 percent of all taxes that are allocated to
the authority pursuant to Section 33670 shall be deposited into a
separate Low and Moderate Income Housing Fund, which is hereby
created in the State Treasury, to be administered and used by the
authority for the purposes of increasing, improving, and preserving
both of the following:
(1) Housing on the site for the faculty and staff of the
California State University, Channel Islands.
(2) Low- and moderate-income housing on the site available at
affordable housing cost, as defined by Section 50052.5, to persons
and families of low or moderate income, as defined in Section 50093,
and very low income households, as defined in Section 50105.
(c) Any interest earned by the Low and Moderate Income Housing
Fund and any repayments or other income to the authority for loans,
advances, or grants, of any kind from the fund, shall accrue to and
be deposited in the fund and may be used only in the manner
prescribed for the fund.
(d) In carrying out the purposes of this section, the authority
may, solely within the boundaries of the site, exercise any or all of
the following powers:
(1) Acquire real property or building sites pursuant to Section
(2) Improve real property or building sites for the housing listed
in subdivision (b) with onsite or offsite improvements, but only if
the authority finds either of the following:
(A) The improvements are made as part of a program that results in
the new construction or rehabilitation of housing.
(B) The improvements are necessary to eliminate one or more
specific conditions that jeopardize the health or safety of
(3) Donate real property to private or public persons or entities.
(4) Finance insurance premiums pursuant to Section 33136.
(5) Construct residential buildings or related structures.
(6) Acquire buildings or structures for residential and related
(7) Rehabilitate buildings or structures for residential and
(8) Provide subsidies to, or for the benefit of, very low income
persons or households, as defined by Section 50105, lower income
persons or households, as defined by Section 50079.5, or persons and
families of low or moderate income, as defined by Section 50093, to
the extent that those persons or households cannot obtain housing at
affordable costs on the open market in the vicinity of the site.
These subsidies or benefits may include rental subsidies to
low-income students at California State University, Channel Islands,
who live in housing, including dormitories, on the site. Housing
units available on the open market are those units developed without
direct government subsidies.
(9) Develop plans, pay principal and interest on bonds, loans,
advances, or other indebtedness, or pay financing or carrying
(10) Maintain the supply of mobilehomes on the site.
(11) Preserve the availability to lower income households of
affordable housing units that are assisted or subsidized by public
entities and which are threatened with imminent conversion to market
(12) Pay for planning and general administration costs pursuant to
(e) The Legislature intends that the authority use the Low and
Moderate Income Housing Fund to the maximum extent possible to defray
the costs of production, improvement, and preservation of housing
solely within the site, and that the amount of money spent for
planning and general administrative activities associated with the
development, improvement, and preservation of that housing not be
disproportionate to the amount actually spent for the costs of
production, improvement, and preservation of that housing. The
authority shall annually determine that the planning and
administrative expenses are necessary for the production,
improvement, or preservation of housing on the site. Legal,
architectural, and engineering costs and other salaries, wages, and
costs directly related to the planning and execution of a specific
housing project and which are incurred by a nonprofit housing sponsor
are not "planning and administrative costs" for the purposes of this
subdivision, but are instead project costs. Planning and general
administrative costs which may be paid with moneys from the Low and
Moderate Income Housing Fund are those expenses that the authority
incurs that are directly related to the powers listed in subdivision
(d), and are limited to the following:
(1) Costs incurred for salaries, wages, and related costs of the
authority's staff or for services provided through interagency
agreements, and agreements with contractors, including usual related
(2) Costs incurred by a nonprofit corporation that are not
directly attributable to a specific housing project.
(f) Housing that is produced, improved, or preserved with moneys
from the Low and Moderate Income Housing Fund shall remain available
for the longest period of time, as follows:
(1) The authority shall require that housing that is produced,
improved, or preserved for the faculty and staff of the California
State University, Channel Islands, be subject to covenants or
restrictions filed in the office of the county recorder perpetually
limiting the residency to those persons.
(2) The authority shall require that housing that is produced,
improved, or preserved for persons and households of low or moderate
income and persons and households of very low income be subject to
covenants or restrictions filed in the office of the county recorder
limiting the residency to those persons as follows:
(A) For owner-occupied housing units, for a period of 10 years.
However, the authority may permit sales of owner-occupied units prior
to the expiration of the 10-year period for a price in excess of
that otherwise permitted under this subdivision pursuant to an
adopted program that protects the authority's investment of moneys
from the Low and Moderate Income Housing Fund, including, but not
limited to, an equity sharing program that establishes a schedule of
equity sharing that permits retention by the seller of a portion of
those excess proceeds based on the length of occupancy. The remainder
of the excess proceeds of the sale shall be allocated to the
authority and deposited in the Low and Moderate Income Housing Fund.
(B) For rental units, for a period of 15 years.
(g) The authority shall spend or encumber all property tax
revenues deposited into the Low and Moderate Income Housing Fund
within five years from the end of the fiscal year in which the funds
were deposited into the fund. If the authority fails to spend or
encumber those revenues in a timely manner, and thereafter until the
authority has expended or encumbered those revenues, the agency shall
not receive any property tax revenue from any source except as
necessary to pay the following obligations, if any:
(1) Bonds, notes, interim certificates, debentures, or other
obligations issued by the authority whether funded, refunded,
assumed, or otherwise, pursuant to Article 5 (commencing with Section
33640) of Chapter 6.
(2) Loans or moneys advanced to the authority, including, but not
limited to, loans from federal, state, or local agencies, or a
(3) Contractual obligations which, if breached, could subject the
authority to damages or other liabilities or remedies.
(4) Obligations incurred pursuant to Section 33445.
(5) Indebtedness incurred pursuant to Section 33334.2 or 33334.6.
(6) Obligations incurred pursuant to Section 33401.