§ 51522

For the purposes of this chapter:

(a) “First-time homebuyer” has the same meaning as defined in Section 50068.5.

(b) “Fund” means the California Dream for All Fund.

(c) “Program” means the California Dream for All Program.

(d) “Shared appreciation loan” means a deferred-payment subordinate mortgage loan, the repayment of which is based on the amount of the subordinate loan plus the appreciation in the value of the home financed by the loan from the time of purchase to the time the home is sold or refinanced.

(Added by Stats. 2022, Ch. 70, Sec. 43. (SB 197) Effective June 30, 2022.)