Laserfiche WebLink
<br /> distribution policies that the Corporation is to follow in <br /> the issuance of mortgage revenue bonds and mortgage credit <br /> certificates. Those policies are set forth in this portion <br /> of this Statement. <br /> The basic policy of the Corporation in this regard <br /> derives from the Act, which provides that the primary <br /> purpose of corporations created thereunder is to assist <br /> persons of low and moderate income in acquiring and owning <br /> decent, safe and sanitary housing at prices they can afford. <br /> Under the Act, each mortgagor vii th respect to whom the <br /> Corporation makes or acquires a mortgage loan must be: <br /> . . . a person or persons of low or moderate income <br /> whose adjusted gross income, together with the adjusted <br /> gross income of all persons vlho intend to reside with <br /> such person or persons in one dwelling unit, did not, <br /> for the immediately preceding taxable year, exceed the <br /> maximum amount established as constituting moderate <br /> income by the corporation's rules or regulations, <br /> resolutions relating to the issuance of bonds, or <br /> financing documents relating to such issuance. <br /> At the present time, the Board of Directors of the <br /> Corporation has established $44,700 as the maximum amount <br /> constituting moderate income. Consequently, all persons who <br /> receive a mortgage loan financed with the proceeds of the <br /> Corporation's revenue bonds must have adjusted gross income <br /> (including the incomes of all persons residing in the same <br /> household) for the preceding tax year not exceeding $44,700, <br /> as such figure may be adjusted by the Corporation from time <br /> to time to reflect changing economic conditions. <br /> Other significant housing, development and income <br /> distribution policies of the Corporation derive from certain <br /> -2- <br />