BILL NUMBER: SB 829	CHAPTERED  10/12/07

	CHAPTER  562
	FILED WITH SECRETARY OF STATE  OCTOBER 12, 2007
	APPROVED BY GOVERNOR  OCTOBER 12, 2007
	PASSED THE SENATE  JUNE 6, 2007
	PASSED THE ASSEMBLY  SEPTEMBER 7, 2007
	AMENDED IN SENATE  MAY 1, 2007

INTRODUCED BY   Senator Wyland

                        FEBRUARY 23, 2007

   An act to amend Section 987.65 of the Military and Veterans Code,
relating to veterans.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 829, Wyland. Veteran benefits.
   The Veterans' Farm and Home Purchase Act of 1974 authorizes the
Department of Veterans Affairs to assist veterans in acquiring homes
and farms by generally providing that the department may purchase a
farm or home which the department then sells to a purchaser, as
defined. Existing law limits the amount that the department may
expend for purchasing a mobilehome that is to be sited in a
mobilehome park, as defined, to $125,000.
   This bill would raise the amount that the department may expend
for purchasing a mobilehome that is to be sited in a mobilehome park
to $175,000.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 987.65 of the Military and Veterans Code is
amended to read:
   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 of a dwelling house and other improvements, or the
purchase price of a mobilehome sited on a lot owned by the purchaser
and installed on a foundation system pursuant to Section 18551 of the
Health and Safety Code, or the purchase price of a mobilehome
converted to a fixture and improvement to the underlying real
property in a mobilehome park that has been converted to a
resident-owned subdivision, cooperative, condominium, or nonprofit
corporation as set forth in Section 18555 of the Health and Safety
Code, shall not exceed 125 percent of the then current maximum Fannie
Mae loan limit that is annually set by Fannie Mae for a
single-family home.
   (b) The purchase price of a mobilehome that is to be sited in a
mobilehome park, as defined in Section 18214 of the Health and Safety
Code, in addition to any assistance provided by the department to a
veteran pursuant to subdivision (e) of Section 987.85, may not exceed
one hundred seventy-five thousand dollars ($175,000).
   (c) A veteran purchasing the home may advance, subject to Section
987.64, the difference between the total price or cost of the home
and the sum of the purchase price of the home to the department and
any amount the department adds, under Section 987.69, to the purchase
price of the home in fixing the selling price to the veteran. Any
amount of the purchase price to the department may be provided by
funds from participation contracts or revenue bonds.
   (d) The purchase price of a farm to the department shall not
exceed 150 percent of the limit described in subdivision (a). A
veteran purchasing the farm may advance the difference between the
total price of the farm, or the cost of the dwelling and improvements
to be constructed on a farm under a contract, and the sum of the
purchase price to the department or contract price to the department
and any amount that the department adds, under Section 987.69, to the
purchase or contract price to the department in fixing the selling
price of the farm to the veteran.