Section 81562 - [Effective until 1/1/2033] Lease of property to nonprofit entity(a) The governing board of the Los Angeles Community College District may let to any nonprofit entity, private person, firm, or corporation, any real property that belongs to the Los Angeles Community College District if the instrument by which the property is let requires the lessee to construct on the demised premises, or provide for the construction on the real property of, a building or buildings for the joint use of the Los Angeles Community College District and the nonprofit entity, private person, firm, or corporation during the term of the lease or agreement if both of the following conditions are met: (1) The title to that portion of the building to be occupied by the nonprofit entity, private person, firm, or corporation remains exclusively the personal property of the nonprofit entity or private party during the term of the lease and the title to the portion of the building to be occupied by the Los Angeles Community College District vests in the Los Angeles Community College District upon completion of the building or buildings and acceptance of the building or buildings by the Los Angeles Community College District.(2) Except as provided in subdivision (b), no rental fee or other charge for the use of the building or buildings is paid by the Los Angeles Community College District.(b) For a lease or agreement entered into pursuant to subdivision (a), if the constructed building or buildings are developed and operated as affordable housing for students or employees of the Los Angeles Community College District, or for both those students and employees, the Los Angeles Community College District and the nonprofit entity, private person, firm, or corporation may agree to waive the condition that no rental fee or other charge is to be paid by the Los Angeles Community College District for the portion of the building that is for the exclusive use of the Los Angeles Community College District.(c) The Los Angeles Community College District may enter into a lease or agreement with a nonprofit entity, private person, firm, or corporation for the joint occupancy of the real property and buildings of the Los Angeles Community College District, in accordance with this chapter, if the real property and buildings are intended for affordable housing for students or employees of the Los Angeles Community College District, or for both those students and employees.(d) A lease or agreement under this article for joint occupancy of real property and buildings of the Los Angeles Community College District that are intended for affordable housing for students or employees of the Los Angeles Community College District, or for both those students and employees, shall not exceed a term of 66 years.(e) The governing board of the Los Angeles Community College District may lease real property for less than fair rental value, as defined in Section 82542, to any entity that intends to enter into a lease or agreement with the Los Angeles Community College District for joint occupancy of the real property and buildings of the Los Angeles Community College District to develop and operate affordable housing for students or employees of the Los Angeles Community College District, or for both those students and employees, and the lease or agreement is consistent with Section 6 of Article XVI of the California Constitution.Added by Stats 2021 ch 572 (SB 330),s 1, eff. 1/1/2022.