Current with changes from the 2024 Legislative Session
Section 4-915 - Family of limited income(a)(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) In setting the limits, the Secretary shall consider factors that include: (i) the portion of the total family income available for housing;(ii) the size of the family;(iii) the cost and condition of available housing;(iv) the ability of the family to compete successfully in the private housing market; and(v) relevant standards and definitions established for federal and State housing programs.(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.