Sec. 2162.1. Grant limits

Grants will be limited to the lesser of:

(a) 60 percent of the project cost; or

(b) the following per dwelling unit limitations:

(1) $35,000 for projects except as provided hereinafter; or

(2) $40,000 for a high cost project or a project which will receive a loan from the Federal Farmers Home Administration.

No more than 50 percent of the appropriated funds shall be allocated to homes within a single municipality in any fiscal year. A project may be deemed to be a high cost project if the project is located within a high cost area, or it is demonstrated to the satisfaction of the corporation that the additional $5,000 per dwelling unit subsidy available to high cost projects would make housing in such project affordable to households with incomes at or below 80 percent of the applicable area median income.