SECTION 330:25-9-2. Bond requirements

  The Code also establishes certain requirements which must be met subsequent to the delivery of the bonds in order that interest on the bonds be exempt from federal income taxes under the provisions thereof. These requirements include, but are not necessarily limited to, the following:

(1)   The mortgagor(s) must execute sworn affidavit(s) (on forms to be specified by OHFA) concerning the residence requirements, the acquisition cost, conflict of interest, income and other matters. Mortgagor(s) acquiring homes in Non-target areas must also provide copies of federal income tax returns for each of the three (3) years preceding closing of the mortgage loans.

(2)   Seller(s) must execute sworn affidavit(s) (on forms to be specified by OHFA) concerning the residence requirements, acquisition cost, conflict of interest and other matters.

(3)   Participant(s) must independently verify and document the accuracy of the mortgagor's and seller's affidavit(s) and qualifications under provisions of the Agreement and 1987 Program Guidelines, including at least the following:

(A)   Income computations as to program and credit eligibility

(B)   Acquisition cost

(C)   Survey location report

(D)   Purchase contract

(E)   Site inspection