California § 80350 - The Cleanup Loans and Environmental Assistance to Neighborhoods Account is hereby

§ 80350. The Cleanup Loans and Environmental Assistance to Neighborhoods Account is hereby

The Cleanup Loans and Environmental Assistance to Neighborhoods Account is hereby established in the General Fund to provide low-interest loans to qualified applicants for the purpose of funding preliminary endangerment assessments and response actions at brownfields and underutilized properties located in the state pursuant to this chapter, and for any other purpose determined by the department to stimulate the redevelopment of brownfields and underutilized properties, if the department determines that the redevelopment will result in the overall improvement of the community in which the property is located and will provide a reasonable economic or social benefit, in accordance with Section 80355. All of the following moneys shall be deposited in the account: (a) Funds appropriated by the Legislature for the purposes of this chapter. (b) Notwithstanding Section 16475 of the Government Code, any interest earned upon money deposited into the account. (c) Proceeds from loan repayments. (d) Proceeds from the sale, pursuant to this chapter, of property that is the subject of foreclosure or its equivalent, as defined in subdivision (f) of Section 25548.1, and proceeds from the enforcement of any other security interest.