Targeted Areas- Repeat Homebuyers
A targeted area is a qualified census tract or an area of chronic economic distress as designated by the IRS. It may be an entire county or may be a particular census tract within a county. The targeted area designation is important for two reasons:
The first-time homebuyer requirement does not apply in targeted areas.
THDA is required to use or set aside a portion of the proceeds from each bond issue for loans in targeted areas.