[§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 thetotal housing market; and

(4)  Ability of the person to compete successfully inthe normal housing market and to pay the amounts on which private enterprise isproviding loans for safe, decent, and sanitary housing in the State.

(b)  The family income of an eligible borrowershall not exceed the income requirements of section 143(f) of the InternalRevenue Code of 1986, as amended.

(c)  For the purpose of determining thequalification of an eligible borrower for an eligible improvement loan:

(1)  The dwelling unit for which the eligibleimprovement loan is to be made and the property on which the dwelling unit issituated shall not be included in the calculation of the eligible borrower'sassets; and

(2)  The mortgage secured by the dwelling unit andproperty shall not be included in the calculation of the eligible borrower'sliabilities.

(d)  For the purpose of determining thequalification of an eligible borrower for an eligible loan for a targeted arearesidence:

(1)  The dwelling unit being replaced and the propertyon which the dwelling unit is situated shall not be included in the calculationof the eligible borrower's assets; and

(2)  The mortgage secured by the dwelling unit and theproperty shall not be included in the calculation of the eligible borrower'sliabilities. [L 2006, c 180, pt of §4]