Section 51228 Of Article 6. Priorities From California Health And Safety Code >> Division 31. >> Part 3. >> Chapter 5. >> Article 6.
51228
. At the time a mortgage loan commitment is made to finance
any rental or cooperative housing development, a written agreement
between the agency and housing sponsor shall be executed, designating
the number of units to be made available on a priority basis within
such housing development to very low income households, to other
persons and families of low or moderate income, and to other
households. If the number of units occupied by very low income
households in any housing development ever falls below the number
agreed to by the agency and housing sponsor, then units which become
available for occupancy shall, subject to available subsidies be made
available on a priority basis to very low income households until
the number of units so occupied equals at least the number specified
in the agreement. The agency may from time to time review agreements
designating the allocation of units and, subject to agreement with
the housing sponsor, may increase the number of units to be made
available to very low income households if consistent with
maintenance of the financial integrity of the housing development and
continuance of permitted earnings distributions, or may establish
minimum rents or minimum incomes for occupancy of units becoming
vacant and not otherwise allocated to very low income households if
necessary to the financial integrity of the housing development and
continuance of permitted earnings distributions.