CALIFORNIA HOUSING BOND ACT OF 1990

CALIFORNIA HOUSING BOND ACT OF 1990. This act establishes a comprehensive housing program to address the severe housing crisis in California by (a) authorizing the use of funds from the First-Time Home Buyers Bond Act of 1982, under which the voters of this state authorized a bond issue of two hundred million dollars ($200,000,000), to provide financial assistance to first-time homebuyers in the form of interest rate subsidies and deferred payment, low-interest second-mortgage loans and (b) providing for a bond issue of one hundred twenty-five million dollars ($225,000,000) to provide funds for a housing and earthquake safety program that includes financing for: (1) the preservation and rehabilitation of the existing stock of rental housing for families and individuals, including rental housing which meets the special needs of the elderly and disabled, (2) emergency shelters and transitional housing for homeless families and individuals, (3) a multifamily mortgage loan and bond insurance program, (4) farmworker housing, and (5) rehabilitation loans to enable unreinforced masonry rental buildings to withstand earthquakes