California Codes, Civil Code - CIV, Division 3 — Obligations, Part 4 — Obligations Arising from Particular Transactions, Title 4 — Loan, Chapter 5 — Shared Appreciation Loans, Article 1 — Legislative Findings and Declarations, Section 1917.110
The Legislature hereby finds and declares that:
(a) It is necessary and essential that the state provide and promote alternative means of supplying affordable housing to the citizens of the state.
(b) Because of current economic conditions, including the unprecedented fluctuation in interest rates, alternative mortgage instruments must be developed to supplement the standard long-term, fixed-rate mortgage.
(c) State facilitation of the shared appreciation loan will serve the need to develop alternative means of financing housing, particularly new homes, and will help to create vitally needed jobs in the construction industry.
Notes
Establishes legislative findings only that California needs alternative means of supplying affordable housing, fluctuating interest rates make alternative mortgage instruments necessary, and facilitating shared appreciation loans can support alternative housing finance, particularly for new homes, while creating construction jobs. The provision states legislative findings and policy reasons and imposes no operative conduct rule.
Use as reference
Lexinter.net | California Code, Civil Code - CIV § 1917.110 | https://laws.lexinter.net/codes/california/civil-code/division-3/part-4/title-4/chapter-5/article-1/section-1917-110