The definitions set forth in Article 1 (commencing with Section 33000) of Chapter 1 of this part shall govern the construction of this chapter. Additionally, as used in this chapter: (a) âConstruction loanâ means a loan to finance residential construction under this chapter, whether such loan is insured or uninsured. (b) âFinancingâ means the lending of moneys or any other thing of value for the purpose of facilitating residential construction pursuant to this chapter, including the making of construction loans and mortgage loans to purchasers of newly constructed and newly rehabilitated residences and the making of loans to qualified mortgage lenders, and the making of mortgage loans to purchasers of newly constructed or existing residences located in targeted areas as provided in Section 33760. (c) âLocal codesâ means applicable local, state and federal standards for residential construction or rehabilitation, including any other standards adopted by the agency for a redevelopment project area or as part of its redevelopment program. (d) âMortgage loanâ means a long-term loan which is secured by a mortgage and is made for permanent financing of residences, pursuant to this chapter. (e) âParticipating partyâ means any person, corporation, partnership, firm, or other entity or group of entities requiring financing for residential construction pursuant to the provisions of this chapter. No elective officer of the state other than officers provided for by Article VI of the California Constitution, and no employee or member of the redevelopment agency, shall be eligible to be a participating party under the provisions of this chapter. If any elected officer of any political subdivision of the state participates in deliberations or votes on a financing plan, redevelopment plan, or bond issue, that person shall not be eligible to be a participating party for bonds issued pursuant to those plans or issues. (f) âQualified mortgage lenderâ means a mortgage lender authorized by a redevelopment agency to do business with the agency and to aid in financing pursuant to this chapter on behalf of the agency, for which service the qualified mortgage lender will be reasonably compensated. Such a mortgage lender shall be a state or national bank, federal or state-chartered savings and loan association, or trust company or mortgage banker which is capable of providing service or otherwise aiding in the financing of mortgages on residential construction within the jurisdiction of the agency. Nothing in any other provision of state law shall prevent such a lender from serving as a qualified mortgage lender pursuant to this chapter. (g) âRedevelopment project areaâ means a project area, as defined in Section 33320.1, for which a final redevelopment plan has been adopted pursuant to Section 33365. (h) âRehabilitationâ means repairs and improvements to a substandard residence necessary to make it meet local codes; and also means the acquisition of substandard residences for purposes of repairs and improvements where the cost of such repairs and improvements equals or exceeds 25 percent of the cost of the acquisition. As used in this section, âsubstandard residenceâ has the same meaning as the term âsubstandard building,â as defined in Section 17920.3, except that âsubstandard residenceâ shall include all property improved with any structure defined in subdivision (j) of this section as a âresidence,â with respect to which any of the conditions listed in Section 17920.3 exist. (i) âResidential constructionâ means the construction of new residences or the rehabilitation and improvement of substandard residences to meet requirements of local codes and the redevelopment plan. âResidential constructionâ also means the improvement of residences as provided in subdivision (h). (j) (1) âResidenceâ means real property improved with a residential structure and within a redevelopment project area real
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