Home financing programs.

Existing law, for purposes of a home financing program, provides that a city or county has specified powers and duties and may administer a home financing program to acquire, contract, and enter into advance commitments to acquire home mortgages, as defined, made or owned by lending institutions at the purchase prices and upon other terms and conditions as determined by the city or county. Existing law includes the refinancing of home mortgages in the criteria for establishing a maximum household income for the purposes of a city- or county-administered home financing program. Existing law would repeal these provisions on January 1, 2012. This bill would revise the repeal dates so these provisions would be repealed on January 1, 2017.