§ 42-55-12 Procedure prior to financing ofhousing developments undertaken by housing sponsors. – Notwithstanding any other provision of this chapter, the corporation is notempowered to finance any housing development undertaken by a housing sponsorpursuant to §§ 42-55-6 and 42-55-7 unless, prior to financing anyhousing development under this chapter, the corporation finds:
(1) That there exists a shortage of decent, safe, andsanitary housing at rentals or prices which persons and families of low ormoderate income can afford within the general housing market area to be servedby the proposed housing development;
(2) That private enterprise and investment have been unable,without assistance, to provide an adequate supply of decent, safe, and sanitaryhousing in the general housing market area at prices which persons or familiesof low and moderate income can afford or to provide sufficient mortgagefinancing for residential housing for occupancy by those persons or families;
(3) That the housing sponsor or sponsors undertaking theproposed housing development in this state will supply well-planned, welldesigned housing for persons or families of low and moderate income and thatthose sponsors are financially responsible institutions;
(4) That the housing development to be assisted pursuant tothe provisions of this chapter will be of public use and will provide a publicbenefit;
(5) That the housing development will be undertaken and thehousing sponsor or sponsors regulated pursuant to the authority and within therestrictions provided for by this chapter.
§ 42-55-12 Procedure prior to financing ofhousing developments undertaken by housing sponsors. – Notwithstanding any other provision of this chapter, the corporation is notempowered to finance any housing development undertaken by a housing sponsorpursuant to §§ 42-55-6 and 42-55-7 unless, prior to financing anyhousing development under this chapter, the corporation finds:
(1) That there exists a shortage of decent, safe, andsanitary housing at rentals or prices which persons and families of low ormoderate income can afford within the general housing market area to be servedby the proposed housing development;
(2) That private enterprise and investment have been unable,without assistance, to provide an adequate supply of decent, safe, and sanitaryhousing in the general housing market area at prices which persons or familiesof low and moderate income can afford or to provide sufficient mortgagefinancing for residential housing for occupancy by those persons or families;
(3) That the housing sponsor or sponsors undertaking theproposed housing development in this state will supply well-planned, welldesigned housing for persons or families of low and moderate income and thatthose sponsors are financially responsible institutions;
(4) That the housing development to be assisted pursuant tothe provisions of this chapter will be of public use and will provide a publicbenefit;
(5) That the housing development will be undertaken and thehousing sponsor or sponsors regulated pursuant to the authority and within therestrictions provided for by this chapter.
§ 42-55-12 Procedure prior to financing ofhousing developments undertaken by housing sponsors. – Notwithstanding any other provision of this chapter, the corporation is notempowered to finance any housing development undertaken by a housing sponsorpursuant to §§ 42-55-6 and 42-55-7 unless, prior to financing anyhousing development under this chapter, the corporation finds:
(1) That there exists a shortage of decent, safe, andsanitary housing at rentals or prices which persons and families of low ormoderate income can afford within the general housing market area to be servedby the proposed housing development;
(2) That private enterprise and investment have been unable,without assistance, to provide an adequate supply of decent, safe, and sanitaryhousing in the general housing market area at prices which persons or familiesof low and moderate income can afford or to provide sufficient mortgagefinancing for residential housing for occupancy by those persons or families;
(3) That the housing sponsor or sponsors undertaking theproposed housing development in this state will supply well-planned, welldesigned housing for persons or families of low and moderate income and thatthose sponsors are financially responsible institutions;
(4) That the housing development to be assisted pursuant tothe provisions of this chapter will be of public use and will provide a publicbenefit;
(5) That the housing development will be undertaken and thehousing sponsor or sponsors regulated pursuant to the authority and within therestrictions provided for by this chapter.
