3562

VETOES

(7)  CONTRACT FOR SERVICES RELATING TO ANY ASPECT
OF THE OPERATION OF THE PROGRAM IN ACCORDANCE WITH
PROCEDURES REQUIRED BY LAW FOR STATE CONTRACTS; AND

(8)  ADOPT AND AMEND FROM TIME TO TIME, IN
ACCORDANCE WITH STATUTORY REQUIREMENTS, REGULATIONS
GOVERNING ALL ASPECTS OF THE OPERATION OF THE PROGRAM.

257L-4.

(A) A LOAN MADE UNDER THIS SUBHEADING SHALL BE SECURED
BY A SECOND MORTGAGE ON THE PROPERTY IMPROVED.

(A)  A LOAN MADE UNDER THIS SUBHEADING MAY SHALL BE
SECURED BY A FIRST OR SECOND MORTGAGE OR DEED OF TRUST ON
THE PROPERTY IMPROVED. IF THE LOAN IS SECURED BY A FIRST
MORTGAGE, THE FIRST MORTGAGE SHALL PROVIDE FOR FUTURE
SUBORDINATION IF A NEW BONA FIDE FIRST MORTGAGE IS OBTAINED
ON THE PROPERTY IMPROVED.

(B)  TO BE ELIGIBLE FOR A LOAN, AN APPLICANT SHALL:

(1)  BE A RESIDENT OF THIS STATE; AND

(2)  BE UNABLE TO FINANCE THE PURCHASE.

(C)  TO ENFORCE THE REQUIREMENT IN SUBSECTION (B)(2) OF
THIS SECTION, THE SECRETARY SHALL:

(1)  ESTABLISH AN UPPER INCOME LIMIT, A
DEFINITION OF "INCOME", AND A DIFFERENTIAL BASED ON INCOME
STATISTICS FOR GEOGRAPHICAL AREAS OF THE STATE;

(2)  CONSIDER AND WEIGH SECONDARY SOURCES OF
INCOME, DEPENDENT ALLOWANCES, AND OTHER RESOURCES AVAILABLE
TO THE APPLICANT WHICH MAY BE USED TO ASSIST IN FINANCING
THE PURCHASE;

(3)  REQUIRE A CERTIFIED COPY FROM THE
COMPTROLLER'S OFFICE OF THE MOST RECENT STATE INCOME TAX
RETURN FILED BY THE APPLICANT, OR OTHER VERIFICATION OF
INCOME AS IS AVAILABLE.

(D)  THE CONDITIONS OF ELIGIBILITY APPLY JOINTLY AND
SEVERALLY IN THE CASE OF SPOUSES WHO ARE LIVING TOGETHER,
EXCEPT THAT THE DOMICILE REQUIREMENT MAY BE SATISFIED BY
EITHER SPOUSE.

257L-5.

APPROVAL OR EXECUTION BY THE BOARD OF PUBLIC WORKS IS
NOT NEEDED UNDER THIS SUBHEADING TO:

(1) ASSIGN A MORTGAGE FOR VALUE;