rents and income limits

rents and income limits Sec. 503. (a) Paragraph (1) of section 2 of the United States Housing Act of 1937 is amended to read as follows: “(1) The term ‘low-rent housing’ means decent, safe, and sanitary dwellings within the financial reach of families of low income, and developed and administered to promote serviceability, efficiency, economy, and stability, and embraces all necessary appurtenances thereto. The dwellings in low-rent housing shall be available solely for families of low income. Income limits for occupancy and rents shall be fixed by the public housing agency and approved by the Authority after taking into consideration (A) the family size, composition, age, physical handicaps, and other factors which might affect the rent-paying ability of the family, and (B) the economic factors which affect the financial stability and solvency of the project.” (b) Paragraph (7) (b) of section 15 of such Act is amended by inserting after “a gap of at least 20 per centum” the following “(or 5 per centum in the case of any family entitled to a first preference as provided in section 10(g))”.