Except as provided by Section 34312.3, in the operation or management of housing projects, an authority shall:

1. (a) Rent or lease the dwelling accommodations only to persons of low income and only at rentals within their financial reach.
2. (b) Rent or lease to a tenant dwelling accommodations consisting of the number of rooms which it deems necessary to provide safe and sanitary accommodations to the occupants, without overcrowding.
3. (c) Fix income limits for occupancy and rents after taking into consideration (1) the family size, composition, age, physical handicaps, and other factors which might affect the rent-paying ability of the person, and (2) the economic factors which affect the financial stability and solvency of the project.
4. (d) Prohibit subletting by tenants.