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Effective Jan 1, 2017Amended by Stats. 2016, Ch. 503, Sec. 4. (AB 806) Effective January 1, 2017.
- (a) A city, county, or city and county may loan funds to owners or tenants for the purpose of rehabilitating commercial buildings or structures. The loan shall be in the form of a written loan agreement that includes a payment schedule, the terms for interest calculation, the rights and remedies of the parties in case of default, and any other material terms of the loan.
- (b) Prior to entering into a loan agreement pursuant to this section, the city, county, or city and county shall find, after a public hearing, that the assistance is necessary for the economic feasibility of the development and that the assistance cannot be obtained on economically feasible terms in the private market.