853

The Secretary of Housing shall adopt the rules and regulations needed to implement §§ 851—856 of this title, which will be effective after they have been approved by the Governor and promulgated. Said rules and regulations shall establish the criteria and procedures to be used to determine the eligibility of the families applying for the subsidy provided herein. They shall also determine the amount of the subsidy, pursuant to the regulations of the Farmers Home Administration, which provide a subsidy to allow low- or moderate-income families to acquire newly-constructed housing at an interest cost of a maximum of 1% per year on the mortgage for those families who qualify for the maximum subsidy. The subsidy shall be for the life of the mortgage and may be revised periodically to adjust it to increases or reductions in the income of the families that are the recipients thereof. History —June 1, 1979, No. 58, p. 118, § 3.