Arizona Laws 35-708. Financing certain owner-occupied single family dwellings; exception
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A. For purposes of section 35-701, paragraph 6, in areas other than a slum or blighted area, the authority undertaking the bond issue shall set aside for sixty days thirty percent of the mortgages for owner-occupied single family dwelling units for persons and families whose income is below the median family income of this state.
Terms Used In Arizona Laws 35-708
- Income: means gross earnings from wages, salary, commissions, bonuses or tips from all jobs, net earnings from such person's or family's own nonfarm business, professional practice or partnership, and net earnings from such person's or family's own farm. See Arizona Laws 35-701
B. This section does not apply to projects described in section 35-701, paragraph 7, subdivision (a), item (iii) or programs established pursuant to section 35-706, subsection A, paragraph 14.