SECTION 28.7. Resale of the Residence

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Mortgage Loans that are financed with the proceeds of tax-exempt bonds, or for which a Mortgage Credit Certificate has been or will be issued, will be subject to federal income tax recapture provisions. Assumption of a Mortgage Loan is allowed under the Program if the new owner meets the Program requirements at the time of the sale of the Residence.

Source Note: The provisions of this §28.7 adopted to be effective March 3, 2022, 47 TexReg 907

                    
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