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SAN LEANDRO ADMINISTRATIVE CODE <br />TITLE 26 REDEVELOPMENT AGENCY <br />Chapter 2 Rules and Regulations-1981 Residential Mortzage Revenue Bonds <br />amended from time to time by the City, and any applicable state or federal standards for <br />residential construction. <br />§26.2.135: MORTGAGE LOAN. "Mortgage Loan" means a loan of moneys made <br />pursuant to the Program to a Participating Party to finance the purchase of property, which loan <br />is evidenced by a note, secured by a deed of trust and insured or guaranteed, in whole or in part, <br />by any instrumentality of the United States or of the State of California, or by any person <br />licensed to insure mortgage loans in this State. <br />426.2.140: OWNER PARTICIPATION AGREEMENT. "Owner Participation <br />Agreement" means the agreement, dated as of February 23, 1981, by and between the Developer <br />and the Agency, providing for the construction of 164 Properties. <br />§26.2.145: PARTICIPATING PARTY. "Participating Party" means any Person receiving <br />financing for Property pursuant to the Program. No elective officer of the state or any of its <br />political subdivisions or employee of any redevelopment agency shall be eligible to be a <br />Participating Party. <br />426.2.150: PERSON. "Person" means an individual, corporation, firm, association, <br />partnership, trust or other legal entity or any agency or political subdivision thereof. <br />§26.2.155: PROGRAM. "Program" means the Agency's program of making Mortgage <br />Loans pursuant to the Resolution, the Act, and these Rules and Regulations. <br />426.2.160: PROPERTY. "Property" means a residential condominium dwelling unit <br />constructed in accordance with and pursuant to the Owner Participation Agreement. <br />§26.2.165: REDEVELOPMENT PROJECT AREA. "Redevelopment Project Area" <br />means those project areas currently or hereafter designated by a redevelopment plan as plans <br />adopted in accordance with the Community Redevelopment Law (commencing with Section <br />33750, of Part 1 of Division 24 of the California Health and Safety Code). <br />426.2.170: RESIDENT HOMEBUYER. "Resident Homebuyer" means any person who, <br />on the date of purchase of Property, is a legal resident of the City of San Leandro or is employed <br />in a permanent full-time position in the City of San Leandro and does not own and has never <br />owned a principal residence for his or her own use in any location. <br />§26.2.175: RESOLUTION. "Resolution" means the resolution providing for the issuance of <br />the Redevelopment Agency of the City of San Leandro 1981 Residential Mortgage Revenue <br />Department Responsible for Revision: Redevelopment Agency Chapter 26.2 <br />2006 Page 2 <br />