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Section 51334 Of Article 2. Financing From California Health And Safety Code >> Division 31. >> Part 3. >> Chapter 6.7. >> Article 2.
51334
. The agency may, in conjunction with the financing of
multifamily rental housing pursuant to this chapter, finance the
development of commercial property for lease, subject to all of the
following conditions:
(a) No more than 10 percent of the proceeds of any revenue bonds issued pursuant to this chapter may be used to develop the commercial property for lease.
(b) The commercial property developed will be located on the same parcel or on a parcel adjacent to a multifamily rental housing development.
(c) As a condition of such financing, any lease payments collected in excess of payments necessary for debt service, operating expenses and any required reserves related to such property, shall be used to reduce rents on units reserved for occupancy by lower-income households and very low income households in a multifamily rental housing development.
(a) No more than 10 percent of the proceeds of any revenue bonds issued pursuant to this chapter may be used to develop the commercial property for lease.
(b) The commercial property developed will be located on the same parcel or on a parcel adjacent to a multifamily rental housing development.
(c) As a condition of such financing, any lease payments collected in excess of payments necessary for debt service, operating expenses and any required reserves related to such property, shall be used to reduce rents on units reserved for occupancy by lower-income households and very low income households in a multifamily rental housing development.
