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must N� used to finance residences of Eligible Persons and Fa^ilies who have not had a present ownership interest in a prin,�- residence during the three-year period preceding the date on which the Mortgage is executed. Tile portion of such proceed, used to make Mortgage Loans in Targeted Areas is treated as used for such purpose. Under tiie Code, the Authority may rely on its or its agents' examination of federal income tax returns and the mortgagors' affidavits to ascertain compliance with this requirement. The Origination Agreement requires each Participant to obtain and the Servicer to examine for each of the preceding three (3) years federal income tax returns of each of the mortgagors or a mortgagor's affidavit containing the statement that such mortgagor was not: required by law to file any such income tax returns for such year, unless the Mortgage Loan is for a residence located in a Targeted Area. HQLiid n Re atirFImPn As required by the Code, tyle Indenture and the Origination Agreement, all residences for which owner -financing is provided with the proceeds of the Bonds must be Single Family Residences located within the Counties. Both the Authority and the Eligible Persons and Families must reasonably expect that the financed residence will become the mortgagor's principal residence within a reasonable time (60 days) after the Mortgage Loan is executed or assumed. The Series A Origination Agreement requires the Participant to obtain from each mortgagor a certification that at the closing of the Series A Mortgage Loan such mortgagor intends to make the Single Family Residence his principal residence within 60 days from the date of such closing. Under the Code, the Authority may rely on such certification for Purposes of ascertaining compliance with this requirement. Incomf Limitation r As required by the Code, the Indenture and the Origination Agreement, the family income of each mortgagor may not exceed the applicable percentage of the current median gross income for the Counties. The applicable percentage of median gross income in 115% (100% with respect to a family consisting of less than three (3) persons) for residences not_ located in a Targeted Area and 1401 (120% with respect to a family consisting of les,-; than threw (3) persons) for Targeted Area residences. The Prc,graam requires that. Eligible Persons and Families supply an affidavit s+rtting fc.tth their family income. iS11;)r hitt J,i�it® i The Code. as applied r lands, r,q,,res that the iOition aost• des defined 091601 -1 each resid-tnce beteg timed may not oxcoed got ii, in the , ase of Targeted Areas) of the *average area purchase price* applicable to such residents. The deterianation of the averagr aseapr t ce applicable to each res t denc'e being emet tafds a• of the dote an wbtcb the Partictprnt cess 400 the MsstW" Lam of . it esa i ser . the date of purct6o" r— 11- . 41