Section 33762 Of Article 2. Powers And Procedures From California Health And Safety Code >> Division 24. >> Part 1. >> Chapter 8. >> Article 2.
33762
. An agency may establish limitations respecting fees,
charges, and interest rates to be used by qualified mortgage lenders
for financing residential construction pursuant to this chapter and
may from time to time revise such fees, charges, and interest rates
to reflect changes in interest rates on the agency's revenue bonds,
losses due to defaults, changes in loan-servicing charges, or other
expenses related to administration of the residential construction
financing program. Any change in interest rate shall conform to the
provisions of Section 1916.5 of the Civil Code, except that paragraph
(3) of subdivision (a) of Section 1916.5 shall not apply and that
the "prescribed standard" specified in Section 1916.5 shall be
periodically determined by the redevelopment agency after hearing
preceded by public notice to affected parties, and shall reflect
changes in interest rates on the agency's bonds, and bona fide
changes in loan servicing charges related to the administration of a
program under the provisions of this chapter. An agency may purchase
mortgage or construction loans made by a qualified mortgage lender
without premium or may itself pay such fees and charges incurred in
lending money for the purpose of residential construction and may
collect and disburse, or may contract to pay any person, partnership,
association, corporation, or public agency for, collection and
disbursal of payments of principal, interest, taxes, insurance, and
mortgage insurance. An agency may hold deeds of trust or mortgages,
including mortgages insured under Title II of the National Housing
Act, as security for financing residential construction and may
pledge or assign the same as security for repayment of revenue bonds.
Such deeds of trust or mortgages may be assigned to, and held on
behalf of the agency by, any bank or trust company appointed to act
as trustee or fiscal agent by the agency in any indenture or
resolution providing for issuance of bonds pursuant to this chapter.
An agency may establish the terms and conditions of financing, which
shall be consistent with the provisions of any applicable federal or
state law under which the financing is to be insured.