The Board shall conduct no activities, except as specifically set forth herein. The Board shall adopt, by resolution from time to time, standards for “low- and moderate-income families” that shall be eligible for single-family residential housing mortgage loan program. In establishing the standards, the Board shall use as guidelines any applicable regulations of state and federal agencies governing housing for low- and moderate-income families, including, without limitation, the State Housing Development Agency, the Federal Housing Administration and Farmers Home Administration. After the Board has fixed standards by its resolution, the Quorum Court shall have the right to review, modify, amend or veto the standards at its next succeeding meeting. If the standards are not modified, amended or vetoed at the meeting, they shall thereafter become effective.
(Ord. 78-20, passed 11-17-78)