CA AB1797

Department of Housing and Community Development may lower the interest rate on Mobilehome Park Purchase Fund loans below 3% per annum if it determines a lower rate is necessary and will not jeopardize the fund's financial stability.

Department may provide technical assistance to loan applicants or contract with qualified nonprofit entities to provide such assistance, with reasonable costs included as part of the loan principal.

Amendments apply to loans for mobilehome park conversion costs to resident organizations, individual low-income residents, qualified nonprofit housing sponsors, and local public entities.

Changes authorize flexible terms for existing loan provisions governing loan amounts, repayment schedules, and collateral requirements for park conversions and resident purchases.