§ 66340
81 words·~1 min read·
/ca/government-code/66340A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
For purposes of this article:
(a)“Qualified buyer” means persons and families of low or moderate income, as that term is defined in Section 50093 of the Health and Safety Code.
(b)“Qualified nonprofit corporation” means a nonprofit corporation organized pursuant to Section 501(c)(3) of the Internal Revenue Code that has received a welfare exemption under Section 214.15 of the Revenue and Taxation Code for properties intended to be sold to low-income families who participate in a special no-interest loan program.