1. (1) Local housing programs shall establish sales price and rent limitations for each program provided that:

   1. (a) The sales price limit shall not exceed the limit established for the LIFT Single Family Homeownership Program;
   2. (b) The annual rent received by the property owner from the occupant shall not exceed 30% of the income limit for a very low income household adjusted by family size.

Authority: T.C.A. §13—23—115(18). Administrative History: Original rule filed August 30, 1988; effective October 14, 1988.