(a) For purposes of this section: (1) âProspective owner-occupantâ means a natural person who presents to the trustee an affidavit or declaration, pursuant to Section 2015.5 of the Code of Civil Procedure, that: (A) They will occupy the property as their primary residence within 60 days of the trusteeâs deed being recorded. (B) They will maintain their occupancy for at least one year. (C) They are not any of the following: (i) The mortgagor or trustor. (ii) The child, spouse, or parent of the mortgagor or trustor. (iii) The grantor of a living trust that was named in the title to the property when the notice of default was recorded. (iv) An employee, officer, or member of the mortgagor or trustor. (v) A person with an ownership interest in the mortgagor, unless the mortgagor is a publicly traded company. (D) They are not acting as the agent of any other person or entity in purchasing the real property. (2) âEligible tenant buyerâ means a natural person who at the time of the trusteeâs sale: (A) Is occupying the real property as their primary residence. (B) Is occupying the real property under a rental or lease agreement entered into as the result of an armâs-length transaction with the mortgagor or trustor, or with the mortgagor or trustorâs predecessor in interest, on a date prior to the recording of the notice of default against the property, and who attaches evidence demonstrating the existence of the tenancy to the affidavit or declaration required pursuant to subparagraph (B) of paragraph (2) of subdivision (c). (C) Is not the mortgagor or trustor, or the child, spouse, or parent of the mortgagor or trustor. (D) Is not acting as the agent of any other person or entity in purchasing the real property. Submission of a bid pursuant to paragraph (3) of subdivision (c) does not violate this subparagraph. (E) Has not filed a petition under Chapter 7, 11, 12, or 13 of Title 11 of the United States Code at any time during the period from the date of the trusteeâs sale of the property to the 45th day after the trusteeâs sale, or the next business day following the 45th day if the 45th day is a weekend or holiday. (3) âEligible bidderâ means any of the following: (A) An eligible tenant buyer. (B) A prospective owner-occupant. (C) A nonprofit association, nonprofit corporation, or cooperative corporation in which an eligible tenant buyer is a voting member or director. (D) An eligible nonprofit corporation with all of the following attributes: (i) It has a determination letter from the Internal Revenue Service affirming its tax-exempt status pursuant to Section 501(c)(3) of the Internal Revenue Code and is not a private foundation as that term is defined in Section 509 of the Internal Revenue Code. (ii) It has its principal place of business in California. (iii) The primary residences of all board members are located in California. (iv) One of its primary activities is the development and preservation of affordable rental or home ownership housing in California. (v) It is registered and in good standing with the Attorney Generalâs Registry of Charities and Fundraisers, pursuant to the Supervision of Trustees and Fundraisers for Charitable Purposes Act (Article 7 (commencing with Section 12580) of Chapter 6 of Part 2 of Division 3 of Title 2 of the Government Code). (E) A limited liability company wholly owned by one or more eligible nonprofit corporations as described in subparagraph (C) or (D). (F) A community land trust, as defined in clause (ii) of subparagraph (C) of paragraph (11) of subdivision (a) of Section 402.1 of the Revenue and Taxation Code. (G) A limited-equity housing cooperative as defined in Section 817. (H) The state, the Regents of the University of California, a county, city, district, public authority, or public agency, and any other political subdivision or public corporation in the state. (4) âEvidence demonstrating the existence of the tenancyâ means a copy of the dated and signe
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