California Assembly Bill AB1225 Introduced / Bill

 BILL NUMBER: AB 1225INTRODUCED BILL TEXT INTRODUCED BY Committee on Veterans Affairs (Cook (Chair), Pan (Vice Chair), Block, Gorell, Nielsen, and Yamada) FEBRUARY 18, 2011 An act to amend Section 987.85 of the Military and Veterans Code, relating to veterans. LEGISLATIVE COUNSEL'S DIGEST AB 1225, as introduced, Committee on Veterans Affairs. Veterans: veterans' farm and home purchase. The Veterans' Farm and Home Purchase Act of 1943, administered by the Department of Veterans Affairs, provides veterans with the opportunity to acquire farms and homes, including mobilehomes. That act prohibits the department from acquiring a home in which a veteran has an interest of record except in specified instances. This bill would make a technical, nonsubstantive change to that latter provision. Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. Section 987.85 of the Military and Veterans Code is amended to read: 987.85. The department shall not acquire a home in which the veteran has an interest of record except in the following instances: (a) Where the application is for aid for the construction of a home upon real property owned by the applicant and the improvements to be constructed thereon have not  reached completion   been completed  as evidenced by the issuance of a certificate of occupancy. (b) Where the veteran had no interest of record in the property at the time of filing his or her application and thereafter secured interim financing pending the processing and approval of the application by the department. (c) Where the application is for the purchase of a mobilehome to be situated upon real property, or an undivided interest therein, owned by the applicant. (d) Where the applicant is an Indian veteran and the application is for the construction of a dwelling house or other improvements on, or for the purchase of a mobilehome to be sited on, trust land in which the Indian veteran has a beneficial interest or owns an interest of record. (e) Where the application is for assistance to enable the veteran to purchase his or her space, or share in a mobilehome park, which is converted from a rental park to a nonprofit corporate resident-owned park or subdivision, cooperative, or condominium for mobilehomes, in which the veteran resides in his or her mobilehome. A veteran applying for assistance under this subdivision shall not be required to have his or her mobilehome reinstalled on a permanent foundation system as a condition of receiving the proceeds of the loan to purchase his or her space or share of the park. This subdivision shall be implemented by the department only to the extent that expenditures for the kind of financial assistance to veterans enumerated herein conform to the requirements of federal tax law with regard to the tax-exempt status of funding instruments utilized to provide the assistance.