SEC-214 -- INCOME TARGETING.


 Each participating jurisdiction shall invest funds made available under
this subtitle within each fiscal year so that-

 (1) with respect to rental assistance and rental units-

 (A) not less than 90 percent of such funds are invested with respect
to dwelling units that are occupied by families whose incomes do not
exceed 60 percent of the median family income for the area, as
determined by the Secretary with adjustments for smaller and larger
families, (except that the Secretary may establish income ceilings
higher or lower than 60 percent of the median for the area on the basis
of the Secretary's findings that such variations are necessary because
of prevailing levels of construction cost or fair market rent, or
unusually high or low family income) at the time of occupancy or at the
time funds are invested, whichever is later, and

 (B) the remainder of such funds are invested with respect to dwelling
units that are occupied by households that qualify as low-income
families (other than families described in subparagraph (A)) at the time
of occupancy or at the time funds are invested, whichever is later;

 (2) with respect to homeownership assistance, 100 percent of such funds
are invested with respect to dwelling units that are occupied by
households that qualify as low-income families at the time of occupancy
or at the time funds are invested, whichever is later; and

 (3) all such funds are invested with respect to housing that qualifies
as affordable housing under section 215.