HARRY HUGHES, Governor

5407

Smith, Michael 159014 VOP                             6 months 12-30-81

Thomas, Donald 156345 Attempted

burglary;            12 months 02-06-82

VOP                           6 months

AND I HEREBY Direct the immediate release from further
confinement of the aforesaid individuals.

EXECUTIVE ORDER OF DECEMBER 27, 1981

01.01.1981.13

COMMISSION TO THE SECRETARY OF
ECONOMIC AND COMMUNITY DEVELOPMENT TO DESIGNATE
AREAS OF CHRONIC ECONOMIC DISTRESS

WHEREAS, Section 103A of the Internal Revenue Code of 1954,
as amended, and Title 26, Part 6a of the Code of
Federal Regulations require that a specified portion of
the lendable proceeds of an issue of mortgage subsidy
bonds used to finance owner occupied housing must be
available for financing of "targeted area residences"
in order to qualify the issue of bonds as qualified
mortgage bonds, the interest on which is exempt from
federal income tax; and

WHEREAS, Section 103A(k) and 26 CFR §6a.103A-2(b)(3)
define "targeted area residence" to be a residence in
an area which is either a qualified census tract or an
area of chronic economic distress; and

WHEREAS, Section 103A(k)(3) and 26 CFR § 6a.103A-2(b)(5)
provide that the State may designate areas of chronic
economic distress based on the following four criteria:

(1)  The condition of the housing stock,
including the age of housing and the number of
abandoned and substandard residential units;

(2)  The need of area residents for owner
financing under a qualified mortgage bond issue
as indicated by low per capita income, a high
percentage of families in poverty, a high number
of welfare recipients, and high unemployment
rates;

(3) The potential for use of owner financing
under a qualified mortgage bond issue to improve