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This program provides financing for affordable rental housing reserved for people earning a maximum income of up to $32,280 for an individual and up to $46,080 for a family of four (or 60% AMI).  Apartments created through this program are able to be rented out at affordable rents because of the low-cost financing offered through HDC.  Loans are provided to private for-profit and non-profit developers in the form of first mortgages, which are made through the proceeds from the sale of tax-exempt bonds.  Second mortgages are also used with this program and are funded through HDC抯 corporate reserves and typically provided at a 1% interest rate.  Furthermore, by using tax-exempt bonds the development automatically receives as of right 4% Federal Low Income Housing Tax Credits, which helps to further the affordability of these apartments.