SECTION 330:15-5-1. Requirements

(a)   State residency. All borrowers in each program must prove that they are residents of the State or that they will be residents of the State at the time the loan is closed.

(b)   Maximum income limitations. The maximum income limitations for borrowers for each program shall be as authorized under the program in question, or the Code, as may be applicable to the program, provided, however, that the requirements for each program and for the origination of mortgages under each program may be lower than required by the Code, and shall be set as the Trustees may determine to be necessary under the market conditions prevalent at the time the program is being developed and as may be determined by the Trustees in their discretion at the time of finalization of the program. The Trustees, at their discretion, may set lower maximum income limitations for any program at time of finalization of the program in question. Maximum income limitations must be verified by affidavits of borrowers, and, when applicable, as may be required by the Code.