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<br /> Fourth, Section 103A of the Code requires the Corporation to <br /> reserve for a period of at least one year a specified <br /> portion of each issue of mortgage revenue bonds for <br /> financing of certain targeted area residences. The <br /> specified portion is the lesser of 20 percent of the <br /> lendable proceeds of the issue or 40 percent of the average <br /> annual aggregate principal amount of mortgages executed <br /> during the preceding three years in the targeted areas <br /> ,-¡i thin the Corporation's jurisdiction. A targeted area <br /> residence is a residence located in either a "qualified <br /> census tract", v.¡hich includes certain census tracts <br /> identified by the Treasury Department as having a <br /> substantial number of lower-income persons, or an "area of <br /> chronic economic distress, " which includes certain areas <br /> designated by the State and approved by the Department of <br /> Treasury and Department of Housing and Urban Development as <br /> meeting certain criteria set forth in Section 103A of the <br /> Code and applicable regulations thereunder. The Corporation <br /> has determined, based on applicable materials promulgated by <br /> the Treasury Department, that there is one (1) "qualified <br /> census tract" within the Units. Although the State of Texas <br /> has designated "areas of chronic economic distress, " these <br /> have not been approved by the Department of Treasury and <br /> Department Housing and Urban Development. The Corporation's <br /> policies and program documents include provisions intended <br /> to ensure compliance with all of the applicable requirements <br /> of Section 103A of the Code. <br /> The Corporation has adopted several other housing, <br /> development and income distribution policies that derive <br /> from local considerations and policy preferences. The <br /> policy preferences are included in the Corporation's 1982 <br /> -4- <br />