653

The subsidy shall consist of reducing the cost of the interest in the mortgage market guaranteed by dwellings, to a minimum interest cost of 1% [annually, provided the family can pay the monthly installment of the mortgage at 1%] with 20% of its adjusted monthly income.The subsidy authorized herein shall not be tendered to any dwelling unit located in a project in which the average price per unit exceeds that established by regulations or herein. For a family to avail itself of the subsidy authorized herein in the purchase of a dwelling of an average price in excess of $25,000, it shall pay the monthly installments of the mortgage at an interest rate which shall not be less than 3%.If the 20% of the adjusted monthly income results in a higher monthly installment, the family shall be bound to pay said amount. History —July 5, 1973, No. 10, p. 771, § 3; Oct. 26, 1973, No. 4, p. 859; June 20, 1978, No. 11, p. 394, § 1.