Downpayment assistance provided pursuant to this chapter shall be in the form of a second mortgage loan. The maximum amount of the loan shall be set in the current Notice of Funding Availability (NOFA), but in no case shall the loan exceed 20 percent of the sale price of the residence. The loan shall accrue simple interest.
Cal. Health & Safety Code § 50862.5
Building Equity and Growth in Neighborhoods Program
Known as the Zenovich-Moscone-Chacon Housing and Home Finance Act
The act spans §§ 50000–54913 (995 sections).
Amended by Stats. 2007, Ch. 596, Sec. 17.5
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.