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SECTION 34800-34809

34800. This chapter may be cited as the Limited Dividend Housing
Corporations Law.

34801. Unless the context otherwise requires, the definitions
contained in this article govern the construction of this chapter.

34802. "Commission" means the Commission of Housing and Community

34803. "Corporation" means limited dividend housing corporation
formed pursuant to this chapter.

34804. "Actual cost" means the cost of the land and buildings,
charges for financing and supervision, and carrying charges during
construction, including interest on borrowed money and invested
capital, when such charges have been approved by the commission.

34805. "Fixed charges" includes all operating and maintenance
charges, taxes, assessments, insurance and depreciation,
amortization, interest, sinking fund, and other expenses and charges
approved by the commission.

34806. "Security" includes any share, stock, bond, note, treasury
stock, debenture, evidence of indebtedness, certificate of interest
or participation, or beneficial interest in title to property,
profits, or earnings, or any other instrument commonly known as a

34807. "Slum area" means any area of property partially or totally
occupied by deteriorated, obsolete, unsafe, or unsanitary single or
multiple dwellings. The determination of whether any building is in
such condition rests solely with the commission.

34808. Any notice or other written instrument may be served upon
the commission by delivering it to the chairman, vice chairman, or
secretary of the commission, or, if none of them can be found, by
leaving a copy at the office or usual place of business of the
commission with the person in charge.

34809. If any city in which a project approved by the commission is
located determines that any land included in the project should be
maintained as a public park or grounds, the city may purchase or
accept the land and maintain it as a public park or grounds. Any
city may also determine that any of its real property is not required
for use by it and sell or lease the property to a corporation. Any
charter provision inconsistent with this section prevails.


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