[§201H-93] Eligible borrowers. (a) The corporation shall establish the qualifications of the eligible borrower, and may consider the following:
(1) The proportion of income spent for shelter;
(2) Size of the family;
(3) Cost and condition of housing available to the total housing market; and
(4) Ability of the person to compete successfully in the normal housing market and to pay the amounts on which private enterprise is providing loans for safe, decent, and sanitary housing in the State.
(b) The family income of an eligible borrower shall not exceed the income requirements of section 143(f) of the Internal Revenue Code of 1986, as amended.
(c) For the purpose of determining the qualification of an eligible borrower for an eligible improvement loan:
(1) The dwelling unit for which the eligible improvement loan is to be made and the property on which the dwelling unit is situated shall not be included in the calculation of the eligible borrower's assets; and
(2) The mortgage secured by the dwelling unit and property shall not be included in the calculation of the eligible borrower's liabilities.
(d) For the purpose of determining the qualification of an eligible borrower for an eligible loan for a targeted area residence:
(1) The dwelling unit being replaced and the property on which the dwelling unit is situated shall not be included in the calculation of the eligible borrower's assets; and
(2) The mortgage secured by the dwelling unit and the property shall not be included in the calculation of the eligible borrower's liabilities. [L 2006, c 180, pt of §4]
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