1372.040 – RESERVATION BY CERTAIN ISSUERS OF QUALIFIED
Texas Government Code § 1372.040
Summary
This law requires certain issuers of qualified mortgage bonds to reserve funds for six months to assist low-income individuals and families. Specifically, it mandates that 50% of available loan funds outside federally designated target areas be allocated for those earning below 80% of the median family income.
Applies to issuers of qualified mortgage bonds, excluding specific state agencies.
Requires a 50% fund reservation for low-income mortgages.
Targets individuals and families earning below 80% of median income.
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In simple terms: Learn about Texas's RESERVATION BY CERTAIN ISSUERS OF QUALIFIED law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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