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(' i"~_ .:t ., .. e e CERTIFICATE APPROVING THE ISSUANCE OF MORTGAGE CREDIT CERTIFICATES AND/OR SINGLE FAMILY MORTGAGE REVENUE BONDS BY THE SOUTHEAST TEXAS HOUSING FINANCE CORPORATION WHEREAS, The Southeast Texas Housing Finance corporation (the "Issuer") is a public nonprofit corporation organized under the laws of the State of Texas pursuant to the Texas Housing Finance Corporations Act (the "Act"), Texas Local Government Code, Chapter 394, to act on behalf of the counties of Austin, Brazoria, Chambers, Fort Bend, Liberty, Matagorda, Walker, Waller and Wharton, Texas and the cities.of Bay town , Deer Park, Dickinson, La Marque, La Porte, League City, Pasadena, Santa Fe, Shoreacres, Texas City and Tomball, Texas (the "Local Gover.nmental Units"); WHEREAS, pursuant to the Act, the Issuer is authorized to, among other things, (a) make and acquire, and enter into advance commitments to make and acquire, single family mortgage loans to persons of low and moderate income for residences located within the Local Governmental Units and (b) issue its. bonds for the purpose of Obtaining funds to make or acquire such single family mortgage loans; WHEREAS, pursuant to Article 5190.9 of the Texas Revised Civil Statutes and the rules promulgated by the Texas Department of Commerce thereunder, the Issuer has received an allocation to issue single family mortgage revenue bonds in the amount of $30,000,000 to provide financing for owner-occupied residences located within the Local Governmental units to persons of low and moderate income; WHEREAS, pursuant to section 25 of the Internal Revenue .Code of 1986, as amended, and the regulations promulgated thereunder (the "Code"), the Issuer may make a revocable election to exchange all or a portion of its allocation for the issuance of such single family mortgage revenue bonds for the authority to issue mortgage credit certificates to qualified applicants relating .to housing located within the Local Governmental Units, which mortgage credit certificates would entitle the holders thereof to credits against their federal income taxes based upon the amount of interest paid on their mortgages on such housing; WHEREAS, the Issuer proposes to (a) issue its limit~d obligation revenue bonds known as "The Southeast Texas Housing Finance Corporation Collateralized Single Family Mortgage Revenue Bonds, Series 'l993 A" in an aggregate principal amount not to exceed $30,000,000 (the "Bonds") for the purpose of providing financing for owner-occupied residences through the acquisition of securities guaranteed as to payment of principal and interest by the Government National Mortgage Association and/or the Federal National Mortgage Association and backed by home mortgage loans made with respect to residences located within the Local Governmental Units and owned and occupied by persons of low and moderate income and/or (b) to exchange the portion of its