2005 California Health and Safety Code Sections 51325 Article 1. General Provisions

51325.  The primary purpose of this chapter is to meet the
multifamily rental housing needs of persons and families of low or
moderate income.  The exercise of the powers granted by this division
shall be in all respects for the benefit of the people of this state
and for their health and welfare.  Therefore, any bonds issued by
the agency, pursuant to this chapter, their transfer, and the income
therefrom shall at all times be free from taxation by the state or
any political subdivision or other instrumentality of the state,
excepting inheritance and gift taxes.