California Assembly Bill AB1432 Introduced / Bill

 BILL NUMBER: AB 1432INTRODUCED BILL TEXT INTRODUCED BY Assembly Member Mendoza FEBRUARY 27, 2009 An act to amend Section 51150 of the Health and Safety Code, relating to housing. LEGISLATIVE COUNSEL'S DIGEST AB 1432, as introduced, Mendoza. Qualified mortgage lender loans: terms and conditions. Existing law establishes the California Housing Finance Agency for the primary purpose of meeting the housing needs of persons and families of low or moderate income. Existing law authorizes the agency to make loans to qualified mortgage lenders under terms and conditions requiring the proceeds to be used for making construction loans and mortgage loans for the purpose of financing housing developments and residential structures. This bill would, instead, provide that an agency may make loans to qualified mortgage lenders under terms and conditions requiring the proceeds to be used by lenders for the purpose of making or refinancing acquisition, construction, and development loans and mortgage loans. Vote: majority. Appropriation: no. Fiscal committee: yes. State-mandated local program: no. AB 1432, as introduced, Mendoza. Qualified mortgage lender loans: terms and conditions. Existing law establishes the California Housing Finance Agency for the primary purpose of meeting the housing needs of persons and families of low or moderate income. Existing law authorizes the agency to make loans to qualified mortgage lenders under terms and conditions requiring the proceeds to be used for making construction loans and mortgage loans for the purpose of financing housing developments and residential structures. This bill would, instead, provide that an agency may make loans to qualified mortgage lenders under terms and conditions requiring the proceeds to be used by lenders for the purpose of making or refinancing acquisition, construction, and development loans and mortgage loans. Vote: majority. Appropriation: no. Fiscal committee: yes. State-mandated local program: no. AB 1432, as introduced, Mendoza. Qualified mortgage lender loans: terms and conditions. Existing law establishes the California Housing Finance Agency for the primary purpose of meeting the housing needs of persons and families of low or moderate income. Existing law authorizes the agency to make loans to qualified mortgage lenders under terms and conditions requiring the proceeds to be used for making construction loans and mortgage loans for the purpose of financing housing developments and residential structures. This bill would, instead, provide that an agency may make loans to qualified mortgage lenders under terms and conditions requiring the proceeds to be used by lenders for the purpose of making or refinancing acquisition, construction, and development loans and mortgage loans. Vote: majority. Appropriation: no. Fiscal committee: yes. State-mandated local program: no. AB 1432, as introduced, Mendoza. Qualified mortgage lender loans: terms and conditions. Existing law establishes the California Housing Finance Agency for the primary purpose of meeting the housing needs of persons and families of low or moderate income. Existing law authorizes the agency to make loans to qualified mortgage lenders under terms and conditions requiring the proceeds to be used for making construction loans and mortgage loans for the purpose of financing housing developments and residential structures. This bill would, instead, provide that an agency may make loans to qualified mortgage lenders under terms and conditions requiring the proceeds to be used by lenders for the purpose of making or refinancing acquisition, construction, and development loans and mortgage loans. Vote: majority. Appropriation: no. Fiscal committee: yes. State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. Section 51150 of the Health and Safety Code is amended to read: 51150. The agency may make loans to qualified mortgage lenders under terms and conditions requiring the proceeds thereof to be used by  such   those  mortgage lenders for the purpose of making  construction loans   or refinancing acquisition, construction, and developme   nt loans  and mortgage loans for the purpose of financing housing developments and residential structures. SECTION 1. Section 51150 of the Health and Safety Code is amended to read: 51150. The agency may make loans to qualified mortgage lenders under terms and conditions requiring the proceeds thereof to be used by  such   those  mortgage lenders for the purpose of making  construction loans   or refinancing acquisition, construction, and developme   nt loans  and mortgage loans for the purpose of financing housing developments and residential structures. SECTION 1. Section 51150 of the Health and Safety Code is amended to read: 51150. The agency may make loans to qualified mortgage lenders under terms and conditions requiring the proceeds thereof to be used by  such   those  mortgage lenders for the purpose of making  construction loans   or refinancing acquisition, construction, and developme   nt loans  and mortgage loans for the purpose of financing housing developments and residential structures. SECTION 1. Section 51150 of the Health and Safety Code is amended to read: 51150. The agency may make loans to qualified mortgage lenders under terms and conditions requiring the proceeds thereof to be used by  such   those  mortgage lenders for the purpose of making  construction loans   or refinancing acquisition, construction, and developme   nt loans  and mortgage loans for the purpose of financing housing developments and residential structures.