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HEALTH AND SAFETY CODE
SECTION 33000-33013


33000. This part may be cited as the Community Redevelopment Law.

33001. The definitions and general provisions contained in this
article govern the construction of this part, unless the context
otherwise requires.33002. "Community" means a city, county, city and county, or Indian
tribe, band, or group which is incorporated or which otherwise
exercises some local governmental powers.

33003. "Agency" means a redevelopment agency created by this part
or its predecessor, or a legislative body which has elected to
exercise the powers granted to an agency by this part.

33004. "Public body" means the State, or any city, county,
district, authority, or any other subdivision or public body of the
State.33005. "State" includes any state agency or instrumentality.

33006. "Federal government" means the United States or any of its
agencies or instrumentalities.

33007. "Legislative body" means the city council, board of
supervisors, or other legislative body of the community.

33007.5. "Limited-equity housing cooperative" means a corporation
organized on a cooperative basis which meets all of the following
requirements:
(a) The corporation is any of the following:
(1) Organized as a nonprofit public benefit corporation pursuant
to Part 2 (commencing with Section 5110) of Division 2 of Title 1 of
the Corporations Code.
(2) Holds title to real property as the beneficiary of a trust
providing for distribution for public or charitable purposes upon
termination of the trust.
(3) Holds title to real property subject to conditions which will
result in reversion to a public or charitable entity upon dissolution
of the corporation.
(4) Holds a leasehold interest, of at least 20 years' duration,
conditioned on the corporation's continued qualification under this
section, and providing for reversion to a public entity or charitable
corporation.
(b) The articles of incorporation or bylaws require the purchase
and sale of the stock or membership interest of resident owners who
cease to be permanent residents, at no more than a transfer value
determined as provided in the articles or bylaws, and which shall not
exceed the aggregate of the following:
(1) The consideration paid for the membership or shares by the
first occupant of the unit involved, as shown on the books of the
corporation.
(2) The value, as determined by the board of directors of the
corporation, of any improvements installed at the expense of the
member with the prior approval of the board of directors.
(3) Accumulated interest, or an inflation allowance at a rate
which may be based on a cost-of-living index, an income index, or
market-interest index. Any increment pursuant to this paragraph shall
not exceed a 10 percent annual increase on the consideration paid
for the membership or share by the first occupant of the unit
involved.
(c) The articles of incorporation or bylaws require the board of
directors to sell the stock or membership interest purchased as
provided in subdivision (b), to new member-occupants or resident
shareholders at a price which does not exceed the "transfer value"
paid for the unit.
(d) The "corporate equity," which is defined as the excess of the
current fair marketed value of the corporation's real property over
the sum of the current transfer values of all shares or membership
interests, reduced by the principal balance of outstanding
encumbrances upon the corporate real property as a whole, shall be
applied as follows:
(1) So long as any such encumbrance remains outstanding, the
corporate equity shall not be used for distribution to members, but
only for the following purposes, and only to the extent authorized by
the board, subject to the provisions and limitations of the articles
of incorporation and bylaws:
(A) For the benefit of the corporation or the improvement of the
real property.
(B) For expansion of the corporation by acquisition of additional
real property.
(C) For public benefit or charitable purposes.
(2) Upon sale of the property, dissolution of the corporation, or
occurrence of a condition requiring termination of the trust or
reversion of title to the real property, the corporate equity is
required by the articles, bylaws, or trust or title conditions to be
paid out, or title to the property transferred, subject to
outstanding encumbrances and liens, for the transfer value of
membership interests or shares, for use for a public or charitable
purpose.
(e) Amendment of the bylaws and articles of incorporation requires
the affirmative vote of at least two-thirds of the resident-owner
members or shareholders.

33008. "Planning commission" means a planning agency established
pursuant to law or charter.

33009. "Obligee" includes any bondholder, his trustee, any lessor
demising to the agency property used in connection with a project
area or any assignee of all or part of his interest, and the federal
government when it is a party to any contract with the agency.

33010. "Redevelopment project" means any undertaking of an agency
pursuant to this part.

33011. "Department" means the Department of Housing and Community
Development.

33011.2. "Director" means the Director of Housing and Community
Development.33013. "Small housing project" means real property containing or
proposed to contain a separate residential structure having not more
than four dwelling units and which is owned by an agency and proposed
to be conveyed to persons and families of low or moderate income or
to private parties pursuant to an agreement with an agency to develop
or maintain the residential structure which is proposed to be
restricted by a recorded instrument for the use and occupancy of
persons and families of low or moderate income for a period of not
less than 30 years, or to the term otherwise provided by law, and
which meets either of the following criteria:
(a) The real property is owned by an agency and one or more of the
dwelling units therein are proposed to be restricted for the use and
occupancy of persons or families to whom the agency is obligated to
provide relocation assistance under Chapter 16 (commencing with
Section 7260) of Division 7 of Title 1 of the Government Code or for
persons and families of low or moderate income.
(b) The real property is owned by the agency and is proposed to be
conveyed to persons and families of low or moderate income or
developed for rental by private parties (nonprofit or otherwise)
pursuant to an agreement with the redevelopment agency.


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