(1) With respect to any mixed-income development that is constructed or acquired after January 1, 2000, and is solely owned by a local housing agency, not more than sixty percent of the dwelling units in such development shall be occupied by persons who are not persons of eligible income, and no person occupying such a development shall have an income at initial occupancy which exceeds one hundred percent of the median income in the county in which the development is located. This authority is granted only if the agency has made a determination that such housing is an appropriate component for providing safe and sanitary housing for persons of eligible income.
(2) With respect to any mixed-income development that is not solely owned by a local housing agency, the proportion of the development that is intended to be affordable to persons of eligible income shall be equal to or greater than the proportion of financial resources for the development which are provided by the local housing agency. The proportion shall be determined in accordance with such reasonable method as shall be adopted by the agency. The proportion may be based upon a proportion of dwelling units, bedrooms, square footage, or any other criteria deemed reasonable and appropriate by the local housing agency. The determination of such proportion shall take into account any special benefits accruing to an agency by virtue of its status as such, including, among other things (a) the capital value of all subsidies and other assistance provided by the agency or by other public sources on behalf of the agency, (b) tax exemptions available because of the agency's participation, and (c) interest savings attributable to tax-exempt financing or to below market interest rates that are available because of the participation of the local housing agency or the presence in the development of dwelling units to be occupied by persons of eligible income.
(3) A local housing agency may determine the period during which any unit shall be designated for occupancy only by persons of eligible income. Dwelling units in a mixed-income development that are designated for occupancy by persons of eligible income need not be particular units that are permanently so designated, and the physical location of the units so designated may change from time to time.