Statute · California Health and Safety Code
Cal. Health & Safety Code § 51202 — Supervision of Housing Sponsors
Cal. Health & Safety Code § 51202
- Type
- Statute
- Source
- California Health and Safety Code
- Jurisdiction
- California
- Current through
- Nov 2, 2026 (California Legislative Counsel)
Every housing sponsor of a rental or cooperative housing development which receives a construction loan or mortgage loan or a grant pursuant to this part shall enter into an agreement with the agency providing for the regulation of the disposition of property. No housing sponsor of a rental…
Citator
Cal. Health & Safety Code § 51202 — Supervision of Housing Sponsors is in force in the current edition of the Code, and nothing recorded condemns it.
Every housing sponsor of a rental or cooperative housing development which receives a construction loan or mortgage loan or a grant pursuant to this part shall enter into an agreement with the agency providing for the regulation of the disposition of property. No housing sponsor of a rental housing development receiving a mortgage loan pursuant to this part shall receive an earnings distribution of more than 6 percent of the equity invested in the housing development, unless a higher limitation on earnings distribution is otherwise provided by rules and regulations of the agency.
The agency may permit a distribution greater than 6 percent to investors contributing additional equity money to an existing housing development, or in the case of a housing development over which the agency has assumed managerial and financial control pursuant to Section 51203, or in any case where it would materially contribute to meeting the policies or goals of this division.