(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.