Section 52053 Of Chapter 5. Miscellaneous Provisions From California Health And Safety Code >> Division 31. >> Part 5. >> Chapter 5.
52053
. (a) Except as provided in subdivision (b), the powers
conferred by this part are in addition and supplemental to, and the
limitations imposed by this part shall not affect the powers
conferred by, any other law.
(b) The Legislature finds and declares that the market for
municipal home mortgage revenue bonds is limited and that, as a
matter of overriding state policy, issuances of such bonds should be
limited to financing housing for persons whose housing needs are
least satisfied by conventional mortgage financing and other
governmental home ownership assistance programs. This part contains
appropriate limitations with respect to mortgagor income and also
contains provisions which will assist in assuring that no bond
issuance under this part will result in any impairment of the public
credit in this state.
Therefore, this part shall be the exclusive authority for issuance
of revenue bonds by any city, including any charter city, county, or
city and county for the purpose of providing long-term mortgage
financing for the construction or acquisition of housing, excluding
multifamily rental housing and multifamily cooperative housing;
provided, that nothing in this subdivision shall supersede any other
provision of state law authorizing the provision of long-term
mortgage financing by any state agency or local public entity; and
provided further, that nothing in this subdivision shall affect, or
be in any way applicable to, revenue bonds issued (and loans made
with the proceeds thereof) by the Cities of San Bernardino, Burbank,
or Pasadena on or before July 1, 1980, the interest on which would be
excludable from the gross income of the recipients by reason of the
applicable laws of the United States and the regulations promulgated
thereunder in effect at the time such revenue bonds are issued, or by
any other charter city on or before February 1, 1980, the interest
on which would be excludable from the gross income of the recipients
by reason of Section 4(b) of the proposed Mortgage Subsidy Bond Tax
Act of 1979, as reported by the Committee on Ways and Means of the
United States House of Representatives on August 31, 1979.
Furthermore, nothing in this subdivision shall affect the authority
conferred upon a charter city by its charter to issue revenue bonds
to undertake a program of long-term mortgage financing of multifamily
rental housing.
(c) Home mortgages may be acquired, purchased, and financed, and
bonds may be issued under this part for purposes of this part,
notwithstanding that any other law or resolution may provide for the
acquisition, purchase, and financing of like home mortgages, or the
issuance of bonds for like purposes, and without regard to the
requirements, restrictions, limitations, or other provisions
contained in any other law or resolution.