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Section 33743 Of Chapter 7.5. Loans To Tax-exempt Organizations From California Health And Safety Code >> Division 24. >> Part 1. >> Chapter 7.5.
33743
. An agency may, in conjunction with the financing of
multifamily rental housing pursuant to this chapter, finance the
acquisition of commercial property for lease, subject to all of the
following conditions:
(a) No more than 10 percent of the proceeds of any revenue bonds issued pursuant to this chapter may be used to acquire the commercial property for lease.
(b) The commercial property acquired will be located on the same parcel or on a parcel adjacent to a multifamily rental housing development.
(c) As a condition of the financing, any lease payments collected in excess of payments necessary for debt service, operating expenses and any required reserves related to the property, shall be used to reduce rents or units reserved for occupancy by lower income households and very low income households in a multifamily rental housing development.
(a) No more than 10 percent of the proceeds of any revenue bonds issued pursuant to this chapter may be used to acquire the commercial property for lease.
(b) The commercial property acquired will be located on the same parcel or on a parcel adjacent to a multifamily rental housing development.
(c) As a condition of the financing, any lease payments collected in excess of payments necessary for debt service, operating expenses and any required reserves related to the property, shall be used to reduce rents or units reserved for occupancy by lower income households and very low income households in a multifamily rental housing development.
