California Military and Veterans Code ARTICLE 3.1 - Veterans’ Farm and Home Purchase Act of 1974

Section 987.50.
This article may be cited as the Veterans’ Farm and Home Purchase Act of 1974.(Added by Stats. 1974, Ch. 1477.)
Section 987.51.
The object of this article is to provide veterans with the opportunity to acquire farms and homes.(Added by Stats. 1974, Ch. 1477.)
Section 987.52.
The provisions of this article are applicable, and the benefits conferred thereby are available, to:(a) Any veteran as defined in Section 980;(b) Any person who is on...
Section 987.53.
As used in this article:(a) “Farm” means a tract of land, which, in the opinion of the department, is capable of producing sufficient income to provide...
Section 987.54.
The administration of the provisions of this article is vested solely in the Department of Veterans Affairs.(Added by Stats. 1974, Ch. 1477.)
Section 987.55.
The department shall adopt rules and regulations in keeping with the purpose of this article to establish preferences in the granting of benefits conferred by...
Section 987.56.
(a) The department shall prescribe and determine the qualifications of all veterans. Any person deeming himself or herself a veteran and desiring to benefit hereunder, shall...
Section 987.566.
Whenever applications exceed the amount of funds available in any one or more of the available funding categories, the department may establish a date for...
Section 987.57.
(a) The department shall require that all applicants under this article qualify under applicable federal laws and regulations governing the permitted uses of tax-exempt bond funds,...
Section 987.58.
(a) If a veteran dies after filing an application for purchase of a farm or a home, and the veteran’s eligibility and qualifications are subsequently approved,...
Section 987.59.
(a) When a veteran has been authorized by the department to select a farm or home, he or she shall submit that selection for approval, as...
Section 987.60.
(a) The department may acquire the farm or home from its owner or may contract with a veteran for the construction of a dwelling and other...
Section 987.601.
(a) For purposes of the construction of a dwelling house or other improvements for a farm or home or the acquisition of a farm or home...
Section 987.602.
(a) Subject to the conditions and limitations specified in Section 987.603, the department may acquire an Indian veteran’s leasehold interest in tribal trust land for the...
Section 987.603.
The department may acquire an assignment of an Indian veteran’s beneficial interest in trust land held by the United States for that veteran or a...
Section 987.61.
The department may purchase property, subject to a participation contract providing for a loan term of not less than 23 years. The purchase price plus...
Section 987.62.
The department, after consummating a purchase under the provisions of this article and the veteran having occupied the property as required by Section 987.60 of...
Section 987.63.
Notwithstanding other provisions of this article relating to the occupancy, leasing, letting, or subletting of a farm or home acquired pursuant to this article, the...
Section 987.64.
In the event of any conflict or difference between any provision of this article and the federal Mortgage Subsidy Bond Tax Act of 1980 (P.L....
Section 987.65.
(a) The purchase price of a home to the department, or the sum to be expended by the department pursuant to a contract for the construction...
Section 987.655.
For a mobilehome which is to be sited in a mobilehome park as defined in Section 18214 of the Health and Safety Code, the department...
Section 987.656.
A mobilehome which is purchased under this act shall not be moved from its original site to any other location, without first obtaining prior authorization...
Section 987.67.
(a) Except as set forth in regulations adopted by the department pursuant to Section 987.93 with respect to cooperative dwelling units in lieu of, or in...
Section 987.68.
The department, before consummating a purchase under the provisions of this article, shall cause the title of the property sought to be purchased to be...
Section 987.69.
The department shall then enter into a contract with the veteran for the sale of the property to the veteran. The department shall fix the...
Section 987.71.
(a) The purchaser shall make an initial payment of at least 2 percent of the selling price of the property or a higher amount that shall...
Section 987.72.
The provisions of Section 987.71, relative to the rate of interest to be charged to veteran purchasers do not apply to assignees of such purchasers...
Section 987.721.
(a) Notwithstanding Section 987.72, upon the dissolution of marriage or legal separation of a veteran contract purchaser and the veteran’s spouse, an assignment may be made...
Section 987.73.
(a) Except as provided in subdivision (b), the department in each individual case may specify the terms of the contract entered into with the purchaser, but...
Section 987.74.
(a) All properties purchased by the department shall be covered by insurance. Except as set forth in regulations adopted by the department pursuant to Section 987.93...
Section 987.75.
(a) If the purchaser or, if applicable, the related stock corporation, fails or neglects to pay, satisfy, and discharge at maturity all taxes and assessments, and...
Section 987.76.
Notwithstanding Section 6157 of the Government Code, the department shall be the sole judge of all of the following:(a) The legality or validity of taxes, assessments,...
Section 987.77.
In the event of a failure of a purchaser to comply with any of the terms of his or her contract of purchase, the department...
Section 987.775.
Whenever the department proceeds under Section 987.77 to declare a forfeiture and to retain all payments made under the forfeited contract as rental paid for...
Section 987.78.
(a) In the event of a forfeiture of a contract of purchase under this article, the department may sell or otherwise dispose of the property covered...
Section 987.785.
Except as set forth in regulations adopted by the department pursuant to Section 987.93 with respect to a cooperative dwelling unit, whenever the department cancels...
Section 987.79.
(a) Except as otherwise provided in subdivision (b), the department may, in the contract of purchase with a veteran, provide that, in the event of default...
Section 987.80.
(a) The department may insure and keep insured against fire or other hazards all buildings, fences, other permanent improvements, or crops situated upon any property which...
Section 987.81.
If illness or accident prevents a purchaser of a farm from cultivating his farm or harvesting any crop, the department may enter and cultivate the...
Section 987.82.
When a purchaser dies, indebted to the department under contract of purchase, his rights acquired under this article and such contract shall devolve upon his...
Section 987.83.
For the purposes of carrying out the Veterans’ Farm and Home Purchase Act of 1974 the Director of Finance may by executive order authorize the...
Section 987.84.
Except as may otherwise be permitted by the department pursuant to regulations adopted by the department pursuant to Section 987.93, the right to declare a...
Section 987.85.
(a) The department shall not acquire a home in which the veteran has an interest of record except in the following instances:(1) Where the application is for...
Section 987.86.
(a) Any veteran for whom a farm or home is purchased under this article may be granted a subsequent opportunity to purchase another farm or home...
Section 987.87.
(a) The department shall establish the actual interest rate to be paid. To this end, the department, within 60 days of receipt of the survey of...
Section 987.875.
Notwithstanding Section 987.87 or any other provision of law, the department shall report to the California Veterans Board and the Veterans’ Finance Committee of 1943,...
Section 987.88.
(a) In the event the department enters into a master agreement with one or more insurance companies to provide life or disability insurance coverage for the...
Section 987.881.
The insurance company or companies may provide life and disability insurance pursuant to Section 987.88 by one or more separate accounts.(Added by Stats. 1983, Ch....
Section 987.89.
The action of a veteran purchaser for damages against any third party does not affect his right of action for all damages against any party...
Section 987.90.
For the purposes of carrying out the provisions of the Veterans’ Farm and Home Purchase Act of 1974, there is hereby appropriated, and the department...
Section 987.91.
Pursuant to the provisions of Section 987.90, the Department of Veterans Affairs is authorized to issue to lenders or investors supplying funds for the program...
Section 987.92.
Notwithstanding other provisions of this article relating to maximum sums to be expended by the department and maximum purchase price, the department may acquire or...
Section 987.93.
Where the property consists of a cooperative dwelling unit:(a) The purchaser’s right to occupy the property under its contract with the department shall not be subject...
Section 987.93.a.
The department may adopt regulations necessary to implement this article for cooperative dwelling units that are consistent with the objectives and purposes of this article...

Last modified: October 22, 2018