Section 52511 Of Chapter 2. Buy-down Mortgage Plan From California Health And Safety Code >> Division 31. >> Part 6. >> Chapter 2.
52511
. The agency may make commitments to qualified mortgage
lenders to make contracts for buy-down mortgage plans which conform
to this part.
The agency may require the payment to the agency of a commitment
fee to cover agency costs in extending such commitments and
associated administrative costs, except that the total of commitment
fees pursuant to this section and the projected recovery of
administrative costs pursuant to Sections 52512 and 52514 shall not
exceed the costs reasonably expected, in a prudent manner, to be
incurred by the agency in the implementation of this part.
Commitments shall be made by the agency, acting through the policy
committee, in a manner to best serve the purposes of this part and
the interests of the first-time home buyer in the various
geographical areas of this state, in varying forms of ownership where
feasible, and including purchase of previously occupied housing,
existing but not previously occupied housing, and housing to be
constructed (with preference to housing which can be marketable
within three months of the date of the commitment).