There is hereby established a low and moderate income housing loan program to be administered by the New Hampshire housing finance authority which shall make low interest loans to low and moderate income persons for the purpose of assisting them to make down payments on single family homes, to pay closing costs and fees associated with the purchase of such homes, and to rehabilitate and improve their homes. For purposes of this section, "low and moderate income persons" shall mean individuals and families whose gross annual income is equal to or less than 100 percent of the median income of the geographic area in which they reside as determined by the authority.
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