(a) (1) The Secretary shall set upper limits on the income that a family or individual may have to qualify as a family of limited income. (2) In setting the limits, the Secretary shall consider factors that include: (i) the portion of the total family income available for housing; (ii) the size of the family; (iii) the cost and condition of available housing; (iv) the ability of the family to compete successfully in the private housing market; and (v) relevant standards and definitions established for federal and State housing programs. (b) The Secretary may waive income limits for a borrower or occupant seeking a Program loan to rehabilitate a building that the State historical preservation officer finds historically or architecturally significant.