Housing where the inhabitant is paying no more than 30% of gross income for gross housing costs, including the utility costs. Housing that is to say for purchase (with or without rehabilitation) qualifies as affordable housing if it …
(1) Is purchased by a low-income, first-time home purchaser who will put together the housing his or her principal residence; and
(2) Has a sale price that does not exceed the mortgages limit for type of single family housing for the area under HUD's single family insuring right under the National Housing Act.
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