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<br /> provisions of Section 103A of the Code, which govern the <br /> issuance of tax exempt mortgage revenue bonds. First, <br /> Section 103A of the Code requires that all of the residences <br /> for which financing is provided from the proceeds of <br /> mortgage revenue bonds be located within the jurisdiction of <br /> the Corporation and must be single family residences which, <br /> at the time of execution or assumption of the respective <br /> mortgages, can reasonably be expected to become the <br /> principal residence of the respective mortgagors within a <br /> reasonable time after the financing is provided. Second, at <br /> least 90 percent of the proceeds of an issue of mortgage <br /> revenue bonds {exclusive of such proceeds used to finance <br /> certain targeted area residences, as hereinafter described} <br /> must be to provide financing to persons who did not have a <br /> present ownership in a principal residence at any time <br /> during the three-year period ending on the execution of the <br /> mortgage. Third, each residence financed with the proceeds <br /> of mortgage revenue bonds must have an acquisition cost not <br /> in excess of 110% of the average area purchase price (120% <br /> in the case of targeted area residences). The Corporation <br /> has determined to rely on Treasury Department safe harbor <br /> estimates of the average area purchase price, which results <br /> in the following acquisition cost limits at the present <br /> time: <br /> Targeted <br /> Non-Targeted Areas Areas <br /> Bastrop , Blanco, City of San Marcos <br /> Caldwell, Fayette and Hays and <br /> and Llano Counties Williamson Counties <br /> Newly Constructed <br /> Residences $77,110 $114,620 $125,040 <br /> Existing Residences $72,380 $119,350 $130,200 <br /> -3- <br />