Every lower income housing unit available for purchase shall provide an initial selling price so that, after a down payment of 10%, the monthly principal, interest, property taxes, insurance and homeowner fees do not exceed 28% of eligible gross monthly household income. Monthly principal and interest payments shall be calculated using the current 30 year fixed rate mortgage rate as set by the Federal Veterans Administration.

Every lower income rental housing unit shall be rented at an amount that, excluding utilities, shall not exceed 30% of eligible gross monthly household income.

The following criteria shall be used in establishing sale prices and rent levels for lower income housing units:

Low and moderate income limits based on median income and household size shall be established by the current uncapped Section 8 income limits published by the Department of Housing and Urban Development, or any other recognized standard adopted by the New Jersey Council on Affordable Housing.