Section 50531 Of Chapter 3.5. Predevelopment Loans From California Health And Safety Code >> Division 31. >> Part 2. >> Chapter 3.5.
50531
. (a) The Urban Predevelopment Loan Fund is hereby renamed the
Predevelopment Loan Fund.
(b) Notwithstanding Section 13340 of the Government Code, all
money in the fund, including any interest on loans made from the
fund, is hereby continuously appropriated to the department for
carrying out the purposes of this chapter, together with interest as
provided in that section. The fund shall be a revolving loan fund
that shall be used to make predevelopment loans and land purchase
loans to eligible sponsors for assisted housing for occupancy
primarily by persons of low income.
(c) All interest, dividends, and pecuniary gains from investments
or deposits of moneys in the fund shall accrue to the fund,
notwithstanding Section 16305.7 of the Government Code. There shall
be paid into the fund all of the following:
(1) Any moneys appropriated and made available by the Legislature
for the purposes of the fund.
(2) Any moneys that the department receives in repayment of loans
made from the fund, including any interest on loans made from the
fund.
(3) Any other moneys that may be made available to the department
for the purposes of this chapter from any other source.
(d) Notwithstanding any other provision of law, on the effective
date of this subdivision, or as otherwise specified in this section,
the following fund balances, as well as any subsequent income derived
from loans, including principal and interest, or grants made for the
programs identified below, shall be transferred from the funds in
which they are currently deposited into the Predevelopment Loan Fund:
(1) Any funds remaining in the Rural Predevelopment Loan Fund
established by Section 50516 and any repayments of these funds.
(2) Any unencumbered funds remaining for the preservation
predevelopment loans authorized by and subject to Item 2240-101-0001
of the Budget Act of 1999 and Item 2240-106-0001 of the Budget Act of
2000 and deposited in the Rental Housing Construction Fund
established by Section 50740 and any repayments of these loaned
funds.
(3) All funds appropriated by and subject to Item 2240-106-0001 of
the Budget Act of 2001.
(4) Any unencumbered funds remaining and any income and repayments
from these loaned funds made for the jobs-housing predevelopment
loans authorized by Item 2240-114-0001 of the Budget Act of 2000 to
the extent that those funds remain unencumbered in the Rental Housing
Construction Fund established by Section 50740.
(5) Any unencumbered funds, or any loan repayments, of the former
Urban Predevelopment Loan Program that may have been received on or
after June 30, 1999, and transferred or deposited into the Rental
Housing Construction Fund established by Section 50740.