“Targeted
Area”
means an area in which 70% or more of the families have an income
which is 80% or less of the Statewide median income or an area of
chronic economic distress is such an area has been designated by the
Commission and approved by the Secretaries of the Treasury and Housing
& Urban Development; provided that, in either case only those areas
meeting the foregoing criteria and designated by the Commission as
Targeted Areas shall be deemed to constitute Targeted Areas.
Note:
Borrowers purchasing within a Targeted Area do not have
to meet the first-time homebuyer requirement and the income limits &
purchase price limits are higher for said areas.