§ 3772.5
152 words·~1 min read·
/ca/revenue-and-taxation-code/3772-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
For purposes of this chapter:
(a)“Low-income persons” means persons and families of low or moderate income, as defined by Section 50093 of the Health and Safety Code.
(b)“Nonprofit organization” means a nonprofit organization incorporated pursuant to Part 2 (commencing with Section 5110) of Division 2 of Title 1 of the Corporations Code for the purpose of acquisition of either of the following:
(1)Single-family or multifamily dwellings for rehabilitation and sale or rent to low-income persons, or for other use to serve low-income persons.
(2)Vacant land for construction of residential dwellings and subsequent sale or rent to low-income persons, for other use to serve low-income persons, or for dedication of that vacant land to public use.
(c)“Rehabilitation” means repairs and improvements to a substandard building, as defined in Section 17920.3 of the Health and Safety Code, necessary to make it a building that is not a substandard building.