HSC § 51349.3

For purposes of this chapter, the following definitions apply:

(a) “Agency” means the California Housing Finance Agency.

(b) “Construction loan loss guarantee” means a form of credit enhancement in which the agency agrees to reimburse a participating lender for a portion of the loss incurred on an eligible construction loan made to an eligible homeowner for the construction, reconstruction, or renovation of a home damaged or destroyed in a qualified disaster.

(c) “Construction loan rate buydown” means a form of financial assistance in which the agency reimburses the participating lender for all or a portion of lender funded temporary or permanent interest rate reductions on an eligible construction loan made to an eligible homeowner for the construction, reconstruction, or renovation of a home damaged or destroyed in a qualified disaster.

(d) “Qualified disaster” means a disaster that received a state of emergency proclamation by the Governor, or a major disaster declaration approved by the President of the United States.