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(i) Targeting of Proceeds to Areas. None of the <br /> proceeds of the Bonds will be targeted to specific <br /> areas. The city does not have any areas that qualify as <br /> "Targeted Areas" under Section 103A. <br /> <br /> (ii) Description of Target Areas. <br /> This section is not applicable. <br /> (iii) Selection of Target Areas. <br /> This section is not applicable. <br /> (iv) Use of Targeted Proceeds. <br /> <br /> The proceeds of the Bonds will not be targeted to <br /> specific areas. <br /> <br /> (v) Other Pertinent Information. <br /> <br /> See Section A(iii). <br /> <br /> B(3) Low-Income Housing Assistance Policies and Goals. <br /> <br /> To insure that qualified mortgage bond issues assist <br />lower income families to afford home ownership, California law <br />provides that a city or county that administers a home financing <br />program must establish criteria for qualification of persons and <br />families for participation in such program. The criteria must <br />include a maximum household income, which maximum shall not <br />exceed one hundred fifty percent of median household income <br />(defined as the highest of (A) statewide median household income, <br />(B) county-wide median household income, or (C) median household <br />family income for area as determined by the United States <br />Department of Housing and Urban Development) for mortgagors who <br />will be the first occupant of a home, one hundred twenty percent <br />of the median household income for mortgagors who will not be the <br />first occupant of a home (except that the city or county must <br />assure that no less than twenty percent of such funds shall be <br />for households whose income does not exceed one hundred ten <br />percent of the median household income, unless the legislative <br />body of the city or county makes certain findings). California <br />Health and Safety Code Sec. 52020(d). In addition, to obtain a <br />supplementary allocation of qualified mortgage bonds from the <br />California Mortgage Bond Allocation Committee, proceeds of <br />qualified mortgage bonds issued with such supplementary <br />allocation must be used to provide mortgages to persons and <br />families who incomes do not exceed one hundred twenty percent of <br />median household income for mortgagors who will be the first <br />occupant of a home and median household income for mortgagors who <br />will not be the first occupant (except that the issuer shall <br />assure that no less than half of such funds shall be for <br />household whose income does not exceed eighty percent of such <br /> <br /> <br />