The agency may provide insurance pursuant to this part for all of the following:
(a) Loans for residential structures that will be occupied primarily by persons and families of low or moderate income.
(b) Loans for privately or publicly financed rental housing developments that will benefit lower income households. “Privately financed rental housing development,” as used in this subdivision, includes rental housing developments financed by local public entities, as defined in Section 50079.
(c) Loans that otherwise meet the requirements for participation in an affordable housing program or product offered by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Association (Freddie Mac).
(Amended by Stats. 2003, Ch. 553, Sec. 13. Effective January 1, 2004.)