(a)It is hereby declared to be the policy of the state that the Idaho housing and finance association shall manage and operate housing projects or cause its housing projects to be managed and operated in an efficient manner so as to enable it to fix the rentals for dwelling accommodations at the lowest possible rates consistent with providing adequate, safe and sanitary accommodations, and shall not construct or operate any such project for profit or as a source of revenue. The association shall fix the rentals for dwellings in its projects at no higher rates than it shall find to be necessary in order to produce revenues which, together with all other available moneys, revenues, income and receipts of the association from whatever sources derived, will be sufficient:
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(a) It is hereby declared to be the policy of the state that the Idaho housing and finance association shall manage and operate housing projects or cause its housing projects to be managed and operated in an efficient manner so as to enable it to fix the rentals for dwelling accommodations at the lowest possible rates consistent with providing adequate, safe and sanitary accommodations, and shall not construct or operate any such project for profit or as a source of revenue. The association shall fix the rentals for dwellings in its projects at no higher rates than it shall find to be necessary in order to produce revenues which, together with all other available moneys, revenues, income and receipts of the association from whatever sources derived, will be sufficient:
(1) To pay, as the same become due, the principal and interest on the bonds of the association; and
(2) To pay its cost of operation.
(b) In considering any application for a mortgage loan, the association shall give first priority to applications for housing projects which will be well planned and well designed; and shall also give consideration to:
(1) The comparative need for housing for persons of low-income in the area to be served by the proposed project;
(2) The ability of the applicant to carry out, operate, manage and maintain the proposed housing project; and
(3) The existence of zoning or other regulations to protect adequately the proposed housing project against detrimental future uses which could cause undue depreciation in the value of the project.
(c) The association shall have authority to set from time to time the interest rates at which it shall make loans and commitments therefor. Such interest rates shall be established by the association in its sole discretion at the lowest level consistent with the association’s cost of operation and its responsibilities to the holders of its bonds, notes or other obligations.
(d) A limited profit housing sponsor shall not make distributions in any one (1) year with respect to a housing project financed by the association in excess of such percentage of a housing sponsor’s equity in such housing project as shall be prescribed by rules of the association, nor shall any of the principals or stockholders of such a housing sponsor at any time earn, accept, or receive a return greater than such percentage of its investment in such housing project as shall be prescribed by rules of the association. A housing sponsor’s equity in a housing project shall consist of its investment in the housing project as determined by the board of commissioners of the association.