Cal. Health & Saf. Code § 44558

Current through the 2023 Legislative Session.

Section 44558 - Definitions

For purposes of this article:

(a)"Administration expenses" means the reasonable and necessary expenses incurred by the authority in the administration of this article, including, without limitation, the fees and costs of attorneys, consultants, and other individuals.

(b)"Applicant" means an eligible applicant that applies to the authority for a grant pursuant to this article.

(c)"Authority" means the California Pollution Control Financing Authority

(d)"Community development financial institution" means any community development financial institution certified by the federal Community Development Financial Institutions Fund under Part 1805 (commencing with Section 1805.100) of Chapter XVIII of Title 12 of the Code of Federal Regulations.

(e)"Disadvantaged community" means a census tract in which the median household income is less than 80 percent of the statewide or county annual median household income level, whichever is less.

(f)"Eligible applicant" means a community development financial institution for which all of the following applies:

(1)The applicant shall have a current certification pursuant to Section 1805 of Title 12 of the Code of Federal Regulations.

(2)The applicant shall have a minimum net worth of twenty-five thousand dollars ($25,000) as indicated on its financial statements prepared in accordance with generally accepted accounting principles.

(3)The applicant shall have made a minimum of five loans in the 12 months prior to submitting its application.

(4)Either of the following applies:

(A)The community development financial institution has a principal office in California, the officers of which are domiciled in California.

(B)The community development financial institution has a record of lending in this state, based on either of the following:

(i)At least 25 percent of the community development financial institution's loan portfolio, at the time of the application, provides financial assistance to persons or projects located in this state.

(ii)The community development financial institution has provided financing assistance in this state totaling at least ten million dollars ($10,000,000) in the three years prior to its application.

(g)"Executive director" means the Executive Director of the California Pollution Control Financing Authority.

(h)"Fund" means the California Investment and Innovation Fund created in subdivision (b) of Section 44558.1.

(i)"Low-income communities" has the same meaning as defined in Section 39713 of the Health and Safety Code.

(j)"Lower income household" has the same meaning as defined in Section 50079.5 of the Health and Safety Code.

(k)"Program" means the California Investment and Innovation Program established in subdivision (a) of Section 44558.1.

(l)"Small and emerging community development financial institution" means a community development financial institution that has less than ten million dollars ($10,000,000) in assets.

Ca. Health and Saf. Code § 44558

Added by Stats 2022 ch 68 (SB 193),s 30, eff. 6/30/2022.