[§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]