Section 53738.2 - [See Note] Use of ACA 1 bonded indebtedness; exceptions(a) Notwithstanding Section 53738.1 or any other provision of law, ACA 1 bonded indebtedness shall not be used for the acquisition or lease of any real property that has, at the time of acquisition or lease, been improved with one to four dwelling units.(b) Subdivision (a) shall not apply to any of the following: (1) The acquisition or lease of real property for construction of facilities or infrastructure for the delivery of police, fire protection, or emergency medical services listed in subclause (I) of clause (iv) of subparagraph (E) of paragraph (4) of subdivision (b) of Section 1 of Article XIII A of the California Constitution.(2) The acquisition or lease of real property that received funds through downpayment assistance or first-time homebuyer programs funded through ACA 1 bonded indebtedness.(3) The acquisition or lease of real property acquired or leased by an entity that qualifies for the partial welfare exemption as described in paragraph (1) of subdivision (g) of Section 214 of the Revenue and Taxation Code that is organized and operated for the specific and primary purpose of serving any or all of the following: survivors of domestic violence, refugees, or people with developmental disabilities. Those units housing survivors of domestic violence, refugees, or people with developmental disabilities shall be subject to a recorded deed restriction that restricts the use of the unit as follows: (A) For 55 years for rented units, unless a local ordinance or the terms of a federal, state, or local grant, tax credit, or other project financing requires, as a condition of the development of residential units, that the development include a certain percentage of units that are affordable to, and occupied by, low-income, lower income, very low income, or extremely low income households for a term that exceeds 55 years for rental housing units.(B) For 45 years for owner-occupied units.(4) The acquisition or lease of real property by a nonprofit corporation organized pursuant to Section 501(c)(3) of the Internal Revenue Code that receive a welfare exemption under Section 214.15 of the Revenue and Taxation Code for properties to be sold to low-income families who participate in a below-market interest rate loan program.Added by Stats 2024 ch 155 (AB 2813),s 1, eff. 7/18/2024operative only if Assembly Constitutional Amendment 1 of the 2023-24 Regular Session is approved by the voters..