50172-50175

HEALTH AND SAFETY CODE
SECTION 50172-50175




50172.  As used in this chapter, the following terms have the
following meanings:
   (a) "Certificate credit rate" means the rate of the credit allowed
by this chapter which is specified in the mortgage credit
certificate.
   (b) "Certified indebtedness amount" means the amount of
indebtedness which meets both of the following criteria:
   (1) Is incurred by the taxpayer for any of the following purposes:
   (A) To acquire the principal residence of the taxpayer.
   (B) As a qualified home improvement loan, as defined by Section
103A( l)(6) of Title 26 of the United States Code, on that residence.
   (C) As a qualified rehabilitation loan, as defined by Section 103A
( l)(7) of Title 26 of the United States Code.
   (2) Is specified in the mortgage credit certificate.
   (c) "Committee" means the California Debt Limit Allocation
Committee established pursuant to Section 50199.8.
   (d) "Federal act" means, for purposes of mortgage credit
certificates, Section 612 of the Tax Reform Act of 1984 (Public Law
98-369).
   (e) "Issuer" means a state agency or local agency and includes a
redevelopment agency, housing authority or other local entity,
authorized by state law to issue qualified mortgage bonds, to which
the committee has assigned an allocation under this chapter.
   (f) "Mortgage credit certificate" means any certificate which does
all of the following:
   (1) Is issued under a qualified mortgage credit certificate
program by a state or local agency that has authority to issue
qualified mortgage bonds to provide financing on the principal
residence of a taxpayer.
   (2) Is issued to a taxpayer by a state or local agency in
connection with the acquisition, qualified rehabilitation, or
qualified home improvement of the taxpayer's principal residence.
   (3) Specifies the certificate credit rate and the certified
indebtedness amount.
   (g) "Mortgage credit certificate program" means any program
established by the state or a local agency for any calendar year in
which the state or a local agency is authorized to issue qualified
mortgage bonds and under which the issuing agency elects not to issue
an amount of qualified mortgage bonds it may otherwise issue during
the calendar year.


50175.  This chapter is enacted in implementation of the Mortgage
Subsidy Bond Tax Act of 1980 (Title XI, Public Law 96-499) and
Section 612 of the Tax Reform Act of 1984 (Public Law 98-369).
Accordingly, the definitions contained in this article and the
provisions of this chapter shall be construed to be consistent with
the purposes and provisions of those federal acts and in its
implementation. This chapter does not apply to any issuance of bonds
which is excepted from, or otherwise not affected by, the federal
acts.
   To the extent that any provision of this chapter is held to be
inconsistent with or repugnant to the federal acts, the provision
shall be given effect in accordance with its terms to the greatest
extent possible and consistent with the federal acts, and the
inconsistency shall have no effect on the remaining provisions of
this chapter.