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<br /> ANNUAL POLICY STATEMENT <br /> ON <br /> MORTGAGE REVENUE BONDS AND MORTGAGE CREDIT CERTIFICATES <br /> FOR <br /> CAPITAL AREA HOUSING FINANCE CORPORATION <br /> This Annual Policy Statement on Mortgage Revenue Bonds <br /> and Mortgage Credit Certificates (this "Statement") has been <br /> prepared on behalf of the Board of Directors of the Capital <br /> Area Housing Finance Corporation (the "Corporation") in <br /> order to satisfy the requirements of Section 103A (j) (5) of <br /> the Internal Revenue Code of 1954, as amended (the "Code"). <br /> Background <br /> The Corporation was incorporated on October 21, 1981, <br /> pursuant to the Texas Housing Finance Corporations Act, <br /> Article 12691-7, Vernon's Texas Civil Statutes, as amended <br /> (the "Act"). The governing body of each of the following <br /> cities and counties (collectively, the "Unit") has adopted a <br /> resolution authorizing the Corporation to act on its behalf <br /> in the issuance of mortgage revenue bonds: the City of <br /> San Marcos, and the Counties of Bastrop, Blanco, Caldwell, <br /> Fayette, Hays, Llano, and Williamson. Under the Act, the <br /> Corporation has authority to issue revenue bonds and apply <br /> the proceeds to make or purchase home mortgage loans for <br /> homes located vii thin the territorial limits of the Units. <br /> The Corporation has issued two series of bonds for such <br /> purpose: its $24,950,000 Single Family Mortgage Revenue <br /> Bonds, Series 1982; and (ii) its $39,824,916.65 Single <br /> Family Mortgage Revenue Bonds, Series 1984. <br /> Statement of policies <br /> Section 10 3A ( j) (5) (i) requires that this Statement <br /> include a description of the housing, development and income <br /> -1- <br />