“Active affordability covenant” means a covenant, condition or restriction contained in a deed, contract or other legal instrument which affects the transfer, sale or any other interest in real property, which:
1. Establishes a period during which the covenant, condition or restriction is active; and
2. During the period described in subsection 1, limits the amount of any rent and utility charges that may be charged to a natural person or household:
(a) Who has an income of:
(1) Not more than 80 percent of the area median income based on the guidelines published by the United States Department of Housing and Urban Development; or
(2) Not more than 150 percent of the federally designated level signifying poverty as provided in the most recent federal poverty guidelines published in the Federal Register by the United States Department of Health and Human Services; or
(b) Which qualifies as a low-income family pursuant to 42 U.S.C. § 1437a(b)(2).