(22) TOTAL DEVELOPMENT COST.—The term definition
(22) TOTAL DEVELOPMENT COST.—The term total development cost’ means, with respect to a housing project, the sum of all costs for the project, including all undertakings necessary for administration, planning, site acquisition, demo- lition, construction or equipment and financing (including payment of carrying charges), and for otherwise carrying out the development of the project, exclud- ing off-site water and sewer. The total development cost amounts shall be based on a moderately designed house and determined by averaging the current con- struction costs as listed in not less than two nationally recognized residential construction cost indices.’’.