Section 51103 Of Article 1. Loans For Housing Developments From California Health And Safety Code >> Division 31. >> Part 3. >> Chapter 5. >> Article 1.
51103
. Prior to the commitment of moneys under this part for a
mortgage loan on a housing development as provided in Article 1
(commencing with Section 51100), Article 2 (commencing with Section
51125), Article 3 (commencing with Section 51150), and Article 4
(commencing with Section 51175), the agency shall take adequate
measures to assure (a) the economic feasibility of the housing
development, (b) the financial eligibility of the housing sponsors
and tenants, (c) the consistency of the proposed housing developement
with the current housing objectives of the agency, (d) the
sufficiency of access of the housing development to supporting social
services, public mass transit services and other transportation,
schools, employment, and retail merchants, and (e) that the location
of the proposed housing development is consistent with the agency's
policies of dispersing housing developments throughout communities
and of avoiding undue concentration of lower income households.
Wherever possible, the agency shall verify these facts before
financing is committed.
In providing for dispersal of housing developments, the agency
shall consider economic feasibility, which shall be determined in
light of all relevant factors, including the assistance programs and
funds which could be utilized to reduce costs. Nothing in this
section shall prohibit the agency from financing housing developments
in neighborhood preservation areas in a manner that would otherwise
be in conflict with the agency's policies respecting dispersal of
housing developments or concentration of lower income households,
where necessary to accomplish the purposes for which financing or
loan insurance is made available by the agency in the area.