Section 988.2 Of Article 3.5. Funds From California Military And Veterans Code >> Division 4. >> Chapter 6. >> Article 3.5.
988.2
. (a) For purposes of this section, "purchaser" has the same
definition as provided in Section 987.53.
(b) Out of any money available in the Veterans' Farm and Home
Building Fund of 1943, the department may advance to any purchaser
upon his or her application, and under the policies as the department
may, from time to time, prescribe, sums for the purpose of paying
taxes and assessments, or making permanent improvements, including
permanent improvements for the purpose of increasing farm
productivity, or for keeping in good order or repair, or for
painting, redecorating, or remodeling, all buildings, fences, or
other permanent improvements on, or the insuring against fire or
other hazards, any building, fence, or other permanent improvement,
or crops on the property being purchased from the department, or the
department may advance to the purchaser moneys actually expended in
so doing.
(c) Any of the money advanced to a purchaser by the department may
be added to the deferred principal of the purchaser's account and
shall bear interest at the rate prescribed by the department and
shall be repaid by the purchaser to the department under the
conditions as it may prescribe.
(d) The moneys advanced may, in the discretion of the department,
be in addition to the maximum purchase price of a farm or home as
provided by the Veterans' Farm and Home Purchase Act of 1974, as
amended, and acts supplementary thereto.
(e) Any money required by the department to be paid for the
purpose of taxes, insurance premiums, and other charges when they
become due may be maintained by the department using the escrow
accounting method in accordance with lending industry standards and
the laws governing escrow accounts of this type.
(f) The department shall be the sole judge of the need and
desirability of making advances or requiring payments by the
purchaser under this section.