§ 50784.7

(a) The department may make loans to resident organizations or qualified nonprofit sponsors from the fund for the purpose of assisting lower income homeowners to do any of the following:

(1) Make repairs to their mobilehomes.

(2) Make accessibility-related upgrades to their mobilehomes.

(3) Replace their mobilehomes.

(b) Loans made pursuant to subdivision (a) shall meet both of the following requirements:

(1) The applicant entity has received a loan or loans pursuant to Section 50783, 50784, or 50784.5 for the purpose of assisting homeowners within a park proposed for acquisition or conversion.

(2) The applicant entity demonstrates sufficient organizational stability and capacity to manage a portfolio of individual loans over an extended time period. This capacity may be demonstrated by substantial successful experience performing similar activities or through other means acceptable to the department.

(c) The department may adopt guidelines to implement this section.

(Amended by Stats. 2017, Ch. 766, Sec. 2. (SB 136) Effective October 13, 2017.)