The agency may insure bonds pursuant to this chapter only if it determines that the proceeds of the bonds will be utilized, to the maximum extent feasible, for one of the following purposes: (a) Construction or rehabilitation of multifamily rental housing for persons and families of low or moderate income. (b) Construction or rehabilitation of housing that utilizes federal rental or other subsidies. (c) Construction or rehabilitation of other dwelling units for persons and families of low or moderate income.
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