Section 51176 Of Article 4. Lender Of Last Resort From California Health And Safety Code >> Division 31. >> Part 3. >> Chapter 5. >> Article 4.
51176
. In rural mortgage areas the agency may make and undertake
commitments to make construction loans and mortgage loans to finance
owner-occupied residential structures without the participation of a
qualified mortgage lender if no qualified mortgage lender will
participate in financing such residential structures as provided in
Article 2 (commencing with Section 51125) or Article 3 (commencing
with Section 51150) of this chapter, or if the board determines that
the agency can initiate or service loans directly at less cost than
through use of a qualified mortgage lender.