(a) (1) It is the intent of the Legislature in enacting the act adding this section to create and fund a program to assist residential property owners and small business owners in seismically retrofitting residences and small businesses with a priority on soft-story buildings and unreinforced brick and concrete buildings. It is not the intent of the Legislature to assist the physical expansion of small businesses and residences. (2) The Legislature hereby establishes the California Seismic Safety Capital Access Loan Program. The program shall cover losses on qualified loans by participating lenders to qualified residential property owners or qualified small businesses for eligible projects, as specified under this section. The program shall be administered by the Capital Programs and Climate Financing Authority and follow the terms and conditions for the Capital Access Loan Program in this article with the additional program requirements specified under this section. (b) For purposes of this section, unless the context requires otherwise, the following words and terms shall have the following meanings: (1) âSeismic retrofit constructionâ means alteration performed on or after January 1, 2017, of a qualified building or its components to substantially mitigate seismic damage. âSeismic retrofit constructionâ includes, but is not limited to, all of the following: (A) Anchoring the structure to the foundation. (B) Bracing cripple walls. (C) Bracing hot water heaters. (D) Installing automatic gas shutoff valves. (E) Repairing or reinforcing the foundation to improve the integrity of the foundation against seismic damage. (F) Anchoring fuel storage. (G) Installing an earthquake-resistant bracing system for mobilehomes that are registered with the Department of Housing and Community Development. (H) Strengthening a buildingâs lateral load resisting system. (2) âEligible costsâ means the costs paid or incurred on or after January 1, 2017, for an eligible project, including any engineering or architectural design work necessary to permit or complete the eligible project less the amount of any grant provided by a public entity for the eligible project. âEligible costsâ do not include costs paid or incurred for any of the following: (A) Maintenance, including abatement of deferred or inadequate maintenance, and correction of violations unrelated to the seismic retrofit construction. (B) Repair, including repair of earthquake damage. (C) Seismic retrofit construction required by local building codes as a result of addition, repair, building relocation, or change of use or occupancy. (D) Other work or improvement required by local building or planning codes as a result of the intended seismic retrofit construction. (E) Rent reductions or other associated compensation, compliance actions, or other related coordination involving the qualified residential property owner or qualified small business and any other party, including a tenant, insurer, or lender. (F) Replacement of existing building components, including equipment, except as needed to complete the seismic retrofit construction. (G) Bracing or securing nonpermanent building contents. (H) The offset of costs, reimbursements, or other costs transferred from the qualified residential property owner or qualified small business to others. (3) âEligible projectâ means seismic retrofit construction that is necessary to ensure that the qualified building is capable of substantially mitigating seismic damage, and the financing necessary to pay eligible costs of the project. (4) âQualified buildingâ means a residential or commercial building that is identified by the local building code official for the jurisdiction in which the building is located as a building in need of seismic retrofitting and is either a building of a type that is potentially vulnerable in the event of a catastrophic earthquake or a building constructed before 1981. (5) âQualified loanâ mean
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