Section 987.775 Of Article 3.1. Veterans’ Farm And Home Purchase Act Of 1974 From California Military And Veterans Code >> Division 4. >> Chapter 6. >> Article 3.1.
987.775
. Whenever the department proceeds under Section 987.77 to
declare a forfeiture and to retain all payments made under the
forfeited contract as rental paid for occupancy, the department may,
in lieu of paying any net gain to the purchaser in accordance with
Section 987.79, deposit that net gain into a segregated account in
the Veterans' Farm and Home Building Fund of 1943 created to receive
funds pursuant to this section. The funds in the account shall be
accumulated until June 30 of each year, and any losses on the sales
of forfeited properties during the fiscal year shall be deducted from
the total of the net gains deposited in the account during the
fiscal year. The department may expend the funds remaining in the
account on June 30 each year, after deduction for losses on sales of
forfeited properties, for purposes of assistance to lower income
purchasers pursuant to subdivision (c), (e), or (h) of Section
987.71.