1. (a)

   1. (1) The Secretary shall set upper limits on the income that a family or individual may have to qualify as a family of limited income.

   2. (2) In setting the limits, the Secretary shall consider factors that include:

      1. (i) the portion of the total family income available for housing;
      2. (ii) the size of the family;
      3. (iii) the cost and condition of available housing;
      4. (iv) the ability of the family to compete successfully in the private housing market; and
      5. (v) relevant standards and definitions established for federal and State housing programs.
2. (b) The Secretary may waive income limits for a borrower or occupant seeking a Program loan to rehabilitate a building that the State historical preservation officer finds historically or architecturally significant.

Added by Acts 2005, c. 26, § 2, eff. Oct. 1, 2005.