50172.

 As used in this chapter, the following terms have the following meanings:

(a) “Certificate credit rate” means the rate of the credit allowed by this chapter that is specified in the mortgage credit certificate.

(b) “Certified indebtedness amount” means the amount of indebtedness that meets both of the following criteria:

(1) Is incurred by the taxpayer for any of the following purposes:

(A) To acquire the principal residence of the taxpayer.

(B) As a qualified home improvement loan, as defined by Section 103A(l)(6) of Title 26 of the United States Code, on that residence.

(C) As a qualified rehabilitation loan, as defined by Section 103A(l)(7) of Title 26 of the United States Code.

(2) Is specified in the mortgage credit certificate.

(c) “Committee” means the California Debt Limit Allocation Committee established pursuant to Section 8869.83 of the Government Code.

(d) “Federal act” means, for purposes of mortgage credit certificates, Section 612 of the Tax Reform Act of 1984 (Public Law 98-369).

(e) “Issuer” means a state agency or local agency and includes a redevelopment agency, housing authority or other local entity, authorized by state law to issue qualified mortgage bonds, to which the committee has assigned an allocation under this chapter.

(f) “Mortgage credit certificate” means any certificate that does all of the following:

(1) Is issued under a qualified mortgage credit certificate program by a state or local agency that has authority to issue qualified mortgage bonds to provide financing on the principal residence of a taxpayer.

(2) Is issued to a taxpayer by a state or local agency in connection with the acquisition, qualified rehabilitation, or qualified home improvement of the taxpayer’s principal residence.

(3) Specifies the certificate credit rate and the certified indebtedness amount.

(g) “Mortgage credit certificate program” means any program established by the state or a local agency for any calendar year in which the state or a local agency is authorized to issue qualified mortgage bonds and under which the issuing agency elects not to issue an amount of qualified mortgage bonds it may otherwise issue during the calendar year.

50199.21.

 (a) “Rural area” for the purpose of this chapter and Sections 17058 and 23610.5 of the Revenue and Taxation Code, means an area that on January 1 of any calendar year satisfies any of the following criteria:

(1) The area is eligible for financing under a multifamily housing program pursuant to Section 3560.1(a)(1) of Title 7 of the Code of Federal Regulations as it read on January 1, 2023, or successor program, of the United States Department of Agriculture Rural Development.

(2) The area is located in a nonmetropolitan area as defined in Section 50090.

(3) The area is any of the following:

(A) An incorporated city having a population of 40,000 or fewer as identified in the most recent Report E-1 published by the Demographic Research Unit of the Department of Finance, provided that the area is not located within a census block designated as an urban area by the United States Census Bureau in the most recent decennial census.

(B) An unincorporated area that adjoins a city having a population of 40,000 or fewer, provided that the adjoining unincorporated area is not located within a census block designated as an urban area by the United States Census Bureau in the most recent decennial census.

(C) An unincorporated area that does not adjoin a city and is not located within a census block designated as an urban area by the United States Census Bureau in the most recent decennial census.

(b) The department shall assist in determinations of eligibility pursuant to paragraph (3) of subdivision (a) upon request. With respect to areas eligible under paragraphs (2) and (3) of subdivision (a), the committee may rely upon the recommendations made by the department. Any inconsistencies between areas eligible under subdivision (a) shall be resolved in favor of considering the area a rural area. Eligible and ineligible areas need not be established by regulation.

13902.

 (a) An insurance pool that is established pursuant to this division may be organized as a nonprofit corporation, limited liability company, partnership, or trust, whether organized under the laws of this state or another state or operating in another state.

(b) An insurance pool that is established pursuant to this division shall have initial pooled resources of not less than two million five hundred thousand dollars ($2,500,000) in the form of cash or cash equivalents.

(c) An insurance pool that is established pursuant to this division shall maintain adequate reinsurance to protect against its risks.

(d) An insurance pool that is established pursuant to this division shall furnish a copy of the pool’s annual audited financial statement and most recent actuarial review, by first-class mail or by any other method of delivery, including electronic transmission, to the Insurance Commissioner, the Assembly Committee on Housing and Community Development, the Assembly Committee on Insurance, the Senate Committee on Insurance, and the Senate Committee on Housing within 180 days of the close of the pool’s fiscal year. If, in the period of time since the last submittal required by this subdivision, any of the following has occurred, the transmittal letter accompanying the annual audited financial statement and most recent actuarial review shall so indicate and shall provide a brief description of each matter:

(1) There has been a change to the pool’s plan of financing, management, or operation, including a material amendment to any of those plans.

(2) A claims audit report has been filed with a regulatory body with respect to the pool.

(3) A report of examination issued by a regulatory body with respect to the pool has been received.

(4) There has been a material change in the scope of the regulation of the pool by other states in which the pool operates.