987.53
. As used in this article:
(a) "Farm" means a tract of land, which, in the opinion of the
department, is capable of producing sufficient income to provide
payment of the amortized contract installments, including principal,
interest, and taxes.
(b) "Home" means a parcel of real estate upon which there is a
dwelling house and other buildings that will, in the opinion of the
department, suit the needs of the purchaser and the purchaser's
dependents as a place of abode. "Home" includes all of the following:
(1) A condominium as defined in subdivision (h).
(2) A mobilehome as defined in subdivision (k).
(3) A residence with two to four units, inclusive, that satisfies
the requirements of Section 143(k)(7) of the Internal Revenue Code
and that is only occupied by veterans and their families.
(4) A cooperative dwelling unit as defined in subdivision (s).
(c) "Purchaser" means a veteran or any person who has entered into
a contract of purchase of a farm or home from the department.
(d) "Purchase price" means the price which the department pays for
any farm or home.
(e) "Selling price" means the price for which the department sells
any farm or home.
(f) "Initial payment" means the first payment to be made by a
purchaser to the department for a farm or home.
(g) "Progress payment plan" means payment by the department for
improvements on real property in installments as work progresses.
(h) "Condominium" means an estate in real property consisting of
an undivided interest in common in a portion of a parcel of real
property together with a separate interest in space in a residential
building on the real property, such as an apartment, which, in the
opinion of the department, suits the needs of the purchaser and the
purchaser's dependents as a place of abode. A condominium may
include, in addition, a separate interest in other portions of the
property.
(i) "Effective rate of interest" means the average rate of
interest on the unpaid balance due on a participation contract to
which the department's legal rights are subject, and the rate of
interest on the unpaid balance of the purchase price, as determined
by the department.
(j) "Participation contract" means an obligation secured by a deed
of trust or mortgage, or other security interest established
pursuant to regulations of the department.
(k) "Mobilehome" means either a parcel of real estate, or an
undivided interest in common in a portion of a parcel of real
property, on which is sited one or more mobilehome modules, or a site
in a mobilehome park, as defined in Section 18214 of the Health and
Safety Code, on which one or more mobilehome modules are sited or are
to be sited that will, in the opinion of the department, suit the
needs of the purchaser and the purchaser's dependents as a place of
abode and meets all requirements of local governmental jurisdictions.
However, where the mobilehome module or modules are sited on trust
land, "local governmental jurisdictions" means the tribal governing
body.
For purposes of this subdivision, "module" means a section of a
mobilehome at least 10 feet wide and at least 40 feet long.
(l) "Indian veteran" means a veteran, as defined in Section 980,
who, in addition, either belongs to an Indian tribe, band, group,
reservation, rancheria, or community which is recognized by the
United States as eligible for services from the United States Bureau
of Indian Affairs or is an Indian beneficiary and who is eligible
under this article for purchase by the department of a home or farm
sited on trust land.
(m) "Trust land," with respect to an Indian veteran, means land
held in trust by the United States government for individual Indians,
Indians who belong to Indian tribes, or Indian tribes.
(n) "Allotment trust land" means land held by the United States
under the Indian General Allotment Act of 1887, as amended, (Chapter
9 (commencing with Section 331) of Title 25 of the United States
Code), in trust for an individual Indian or for two or more Indians
holding individual interests in common. It includes both trust and
restricted public domain allotments and allotments within the
boundaries of an Indian reservation.
(o) "Tribal trust land" means land held in trust by the United
States for an Indian tribe or band.
(p) "Tribe" means any Indian tribe, band, group, reservation,
rancheria, or community which is recognized by the United States as
eligible for services from the United States Bureau of Indian
Affairs.
(q) "Immediate family" means the spouse of a purchaser, the
natural or adopted dependent children of the purchaser, and the
parents of the purchaser if they are dependent on the purchaser for
50 percent or more of their support.
(r) "Indian beneficiary" means an Indian for whom land is held in
trust by the United States government.
(s) "Cooperative dwelling unit" means a unit in a development
owned by a stock cooperative as defined in subdivision (m) of Section
1351 of the Civil Code, including a limited-equity housing
cooperative as defined in Section 817 of the Civil Code, or similar
entity, the exclusive occupancy of which is established in accordance
with cooperative dwelling unit ownership documents.
(t) "Cooperative dwelling unit ownership documents" means
cooperative housing stock together with any occupancy agreements or
similar arrangements between the stock company and the owner of the
cooperative housing stock. The cooperative dwelling unit ownership
documents for a cooperative dwelling unit shall have terms that are
acceptable to the department to allow the department to protect its
rights under the applicable contract of purchase.
(u) "Cooperative housing stock" means a certificate of stock, a
certificate of membership, or other evidence of ownership of an
interest, in a stock cooperative as defined in subdivision (m) of
Section 1351 of the Civil Code, including a limited-equity housing
cooperative as defined in Section 817 of the Civil Code, or similar
entity that entitles the purchaser to enter into occupancy agreements
or similar arrangements with the stock cooperative, including a
limited-equity housing cooperative, or similar entity, to occupy a
cooperative dwelling unit.
(v) "Property," except when used in the phrase "real property" or
"personal property," means a farm or a home.