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Robert J. Dubbelde <br />(215) 988r7841 <br />d ubbelder~gtlaw.com <br /> <br />A T T O I~ N E ¥ ~ A T <br /> <br />May 9, 2003 <br /> <br /> I A¥ 4 2003 <br /> <br />CITY ATTORNE't <br /> PARIS, TEXAS <br /> <br />La~yW. Schenk <br />P O Box 9037 <br />135 S E 1st Street <br />Paris, Texas 75461 <br /> <br />Re: <br /> <br />Northeast Texas Housing Finance Corporation Single Family Mortgage Revenue <br />Bonds, Series 2003A and 2003B <br /> <br />Dear Mr. Schenk: <br /> <br /> Thc purpose of this letter is to inform you of an upcoming bond issuance by the Northeast <br />Texas Housing Finance Corporation (the "Corporation") of its single family mortgage revenue <br />bonds for the purpose of providing funds for mortgage loans to eligible low and moderate <br />income first-time home buyers to finance the purchase of qualified single-family residences <br />located within the sponsoring counties of the Corporation, pursuant to the Corporation's 2003 <br />residential mortgage bond program (the "2003 Program"). As you know, Lamar County is one <br />of the sponsoring counties of the Corporation. <br /> <br /> The Corporation proposes to issue two bond issues: (1) the Corporation's Single Family <br />Mortgage Revenue Bonds, Series 2003A, and the (2) the Corporation's Single Fanfily Mortgage <br />Revenue Bonds (GNrlvlA and Fannie Mae Mortgage-Backed Securities), Series 2003B, which <br />will be issued in one or more subseries in order to refund the Series 2003A Bonds. Each bond <br />issue will be in a principal amount aot to exceed $19,000,000. <br /> <br /> As I'm sure you remember from the Corporation's similar progran~ in 1997, Section <br />394.005 of the Texas Local Government Code requires all cities in the jurisdiction of the <br />Corporation with a population over 20,000 to approve the application of the Program to <br />residences within the city limits of such city in order for the Corporation to be able to originate <br />mortgage loans in such city. In 1997, the Corporation's program resulted in over 300 low or <br />moderate income mortgage loans being originated for the residents within the jurisdiction of the <br />Corporation. The Corporation expects the 2003 Program to be even more successful than the <br />one in 1997. <br /> <br /> <br />