For the purpose of administering this section, the following terms shall be defined:
AFFORDABLE
The cost for which household at the ceiling income for each income group, for each household size, is not required to pay more than 25% of its gross household income for the total of principle, interest, property taxes, insurance and homeowner's association assessments, calculated on the basis of a 10% down payment, and realistically available mortgage interest rates. In the case of rental housing, such a household is not required to pay more than 25% of income for rent including utilities.
LOW INCOME HOUSEHOLD
A household having a total gross household income of not more than 50% of the median household income of households of the same size using the median income data for household size prepared by the United States Department of Housing and Urban Development, (Newark SMSA) contained in HUD, Section 8, Rental Assistance Program Income by Family Size.
MODERATE INCOME HOUSEHOLD
A household having a total gross household income between 50% and 80% of the median household income for households of the same size using the median income data for household size by the United States Department of Housing and Urban Development, (Newark SMSA) contained in HUD, Section 8, Rental Assistance Program Income by Family Size.