Prior to the issuance of any bonds or bond anticipation notes of the local agency for historical rehabilitation, the legislative body shall by ordinance or resolution adopt a historical rehabilitation financing program. The program shall include, but is not limited to, the following items:
(a)
Criteria for the selection of historical properties eligible for financing. The criteria may include, but are not limited to, the following items of architectural significance:
(1)
Structures or areas that embody distinguishing characteristics of an architectural style, period, method of construction, or architectural development in a city or county.
(2)
Notable works of a master builder, designer, or architect whose style influenced the city’s or county’s architectural development, or structures showing the evolution of an architect’s style.
(3)
Rare structures displaying a building type, design, or indigenous building form.
(4)
Structures which embody special architectural and design features.
(5)
Outstanding examples of structures displaying original architectural integrity, structurally or stylistically, or both.
(6)
Unique structures or places that act as focal or pivotal points important as a key to the character or visual quality of an area.
(b)
The criteria may include the following items of historical significance:
(1)
Sites and structures connected with events significant in the economic, cultural, political, social, civic, ethnic, or military history of a community, state, or nation.
(2)
Structures or areas identified with the lives of historical personages of a community, state, or nation.
(3)
Sites and groups of structures representing historical development patterns, including, but not limited to, urbanization patterns, railroads, agricultural settlements, and canals.
(c)
Criteria for the selection of historical rehabilitation areas may include, but are not limited to:
(1)
Areas constituting a distinct section of the city and having special character, historical, architectural, or aesthetic interest and value.
(2)
Areas providing significant examples of architectural styles of the past, or landmarks in the history of architecture.
(3)
Areas serving as a reminder of past eras, events, and persons important in local, state, or national history, and illustrating past living styles for future generations to observe, study, and inhabit.
(4)
Historical and culturally significant grounds, gardens, and objects.
(d)
Following the adoption of the criteria previously provided for in this section, the designation of one or more historical rehabilitation areas, including a description of the area, a map and other related information.
(e)
Outstanding loans on the property to be rehabilitated, including the amount of the loans for rehabilitation, shall not exceed 90 percent of the anticipated value of the property after rehabilitation.
(f)
The maximum repayment period for historical rehabilitation loans shall be 40 years or four-fifths of the economic life of the property, whichever is less.
(g)
No less than 90 percent of any loan for historical rehabilitation and shall be used for financing of historical rehabilitation, as defined in this part.
(h)
All historical rehabilitation financed pursuant to this chapter shall be done in compliance with the appropriate rehabilitation standards, as defined in subdivision (j) of Section 37602.
(i)
The participating party shall commence the historical rehabilitation of a historical property within five years and shall complete the historical rehabilitation of the historical property within 10 years of the date on which the participating party obtained financing pursuant to this part.