Section 51475 Of Chapter 10. Multifamily Housing From California Health And Safety Code >> Division 31. >> Part 3. >> Chapter 10.
51475
. (a) The Legislature finds and declares:
(1) Significant amounts of housing built to serve lower income
households and families is disappearing from the housing market. This
phenomenon is due to government policies that allow prepayment of
mortgages, termination of use restrictions and nonrenewal of subsidy
contracts and to changes in market forces which increase property
values and create pressure to convert to middle or upper income
housing or other commercial uses. These conversions displace lower
income tenants who have very limited options for relocating in
comparable affordable housing.
(2) There are nearly 2,000 rental housing projects built in this
state prior to 1980 under Section 236, Section 221(d)(3) and Section
8 programs of the United States Department of Housing and Urban
Development and the Section 515 Program of the federal Farmers' Home
Administration, containing approximately 123,000 units subject to
potential conversion to higher market rent housing or condominium
units which will result in the displacement of lower income tenants.
(3) It is in the public interest to preserve and expand our
existing affordable lower income housing stock.
(b) It is the intent of the Legislature to provide a flexible and
expeditious source of mortgage financing for bridge loans and gap
financing to preserve and expand existing afforable lower income
rental housing stock.