La. Admin. Code tit. 16 § I-303
Current through Register Vol. 50, No. 11, November 20, 2024
Section I-303 - Persons or Families of Low or Moderate IncomeA. With respect to a housing project or a housing unit financed by an insured mortgage loan, which insured mortgage loan is a federally aided mortgage in whole or in part, the agency's action in authorizing such mortgage loan shall have the effect of adopting as the agency's income limitations for initial occupancy of the housing project or part thereof or housing unit, which is financed by a mortgage loan which is a federally aided mortgage, the income limitations for initial occupancy then provided in the federal program pursuant to which the mortgage loan or part thereof qualifies as a federally aided mortgage.B. With respect to a housing project or a housing unit financed by an insured mortgage loan not federally aided in whole or in part, the agency's income limitations for initial occupancy of a housing project or part thereof or housing unit shall be an adjusted family income not exceeding $40,000 per annum, as evidenced to the satisfaction of the agency, provided that the agency by resolution may adjust the maximum income in accordance with changes in the federal Consumer Price Index. In any event, the agency by resolution may set a lower adjusted family income maximum with respect to any particular housing project or housing unit in order to accomplish the purposes of the Act to provide housing for low and moderate income persons.La. Admin. Code tit. 16, § I-303
Promulgated by the Department of Urban and Community Affairs, Housing Finance Agency, LR 7:196 (April 1981).AUTHORITY NOTE: Promulgated in accordance with R.S. 40:600.1 et seq.