; (2) be at least 70 years old as of the date of application; (3) be accepted for admission as a resident in, or currently reside in, an assisted living facility which has been approved by the relevant State agency to participate in this Program; (4) be either a chronically ill individual (as defined in section 7702B(c)(2) of the Internal Revenue Code of 1986) or eligible to receive long-term services and supports under the relevant State’s Medicaid program; and (5) be determined to be financially eligible, pursuant to subsection (e). (e) Financial eligibility An individual is financially eligible under this section only if the individual’s— (1) net monthly income is less than the approved monthly fees for the services provided at the assisted living facility; (2) net annual income is not higher than 60 percent of the median income for the State in which the individual resides, as determined by the Secretary of Housing and Urban Development; and (3) resources are not greater than $19,000 if single, or $25,000 if married. (f) Implementation The Secretary, acting through the Assistant Secretary, may issue such regulations as may be necessary to carry out this section. (g) Assisted living facility defined As used in this section, the term assisted living facility means any licensed, registered, certified, listed, or State-regulated residence, managed residential community, building, or part of a building that provides, or contracts to provide, housing with supportive services on a continuing basis to individuals who— (1) are elderly or have a mental health, developmental, or physical disability