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101. be used t o f inance i esidpricps of Fliqible Persons anri Fa-,nij ),,�g Ul have not had a piesent ownership interest in a prilicipai !+idence during the three-year period Preceding the date on which Ill Mortgage is executed. The portion of such proceeds used to 0:e Mortgage Loans in Targeted Areas is treated as used for such I Vpose. Under tilt, Code, the Authority may rely on its or its Tillits, examination of federal income tax rLt-urris and the A'tgagors I affidavits t o ascertain compliance with this !-�,fuiremerit. The Origination Agreement requires each Participant ) obtain and the Servicer to examine for each of the preceding it,ee (3) years federal income tax returns of each of the )l'tgagors or a mortgagor's affidavit containing the statement that ic�ih mortgaqor was not required by law to file any such income tax !turns for such year, unless the Mortgage Loan is for a residence )t!ated in a Targeted Area. e . encc__R_-qujj:cmjeat. As required by the Code, the Indenture i di the origination Agreement, all residences for which nier-financing is provided with tile proceeds of the Bonds must be Irigle Family Resiaences located within the Counties. Both the il,hority and the Eligible Persons and Families must reasonably ciiect that the financed residence will become the mortgagor's .-J.ncipal residence within a reasonable time (60 days) after the )rtgage Loan is executed or assumed. The Series A Origination Ireement requires the Participant to obtain from each mortgagor a !rtification that at the closing of the Series A Mortgage Loan ic�:h mortgagor intends to make the Single Family Residence his �tncjpal residence within 60 days from the date of such closing. idler the Code, the Authority may rely on such certification for 11'poses of ascertaining compliance with this requirement. lilcom,- LimitatiUns- As required by the code, the Indenture All the origination Agreement, the family income of each mortgagor kv not exceed the applicable jx�rcetitage of the current median ,1;ms inco-rw_ for the Counties. The applicable percentage of. median 000a incume is 115% (1001 with respect to a family consisting of tile than three (i) persons) for residences not located in a It'geted Area and 1401 (120% with respect to a family consisting of tits th4n thril,-� (�,) I-- - -roons) for Targ*t*d Area residences. The r'Cqram T-quir�s lh,At Eliqible Persons and Families supply in �Vidavit xottinq 1-ith their family income. The Code, as applied to the Ulds. roquiro's that the *Acquisiltion cost* (&a defined in the )OC of each rvoideace bei" tinanc*d may not exceed 90% (or 110% % the cadw of Targetaid Arm") of the laverj4p &tva purclhase prlc** plolicabl* to dneab limmideme. The determination of the av*r4MM rl:tta Ce narKvd Crchmoo price applicablel to eseb lrellpidge belvAg I& mad* as of the date on wktcb the Part scipent commate to OW Ow "ortiogo Ulna or. it earlier. the data of purc*Asm og the N it 1 dkenc,* . 41