Prior to making any mortgage loan or any loan to a lending institution, or prior to purchasing any loan or mortgage loan under this chapter, the authority shall find with respect to each such commitment:
I.That, with respect to rental multi-family housing, eligible elderly and low income persons and families can afford the adjusted rental or carrying charges set for a reasonable number, as determined by the authority, but in no event fewer than 1/8 of the units in the housing, to be financed pursuant to such commitment without the expenditure of more than 30 percent of their annual income for basic shelter cost, including the additional cost, if any, of heat, hot water, and other utilities, except telephone; provided, however, that, if necessary to make the project financially feasible, s
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Prior to making any mortgage loan or any loan to a lending institution, or prior to purchasing any loan or mortgage loan under this chapter, the authority shall find with respect to each such commitment:
I. That, with respect to rental multi-family housing, eligible elderly and low income persons and families can afford the adjusted rental or carrying charges set for a reasonable number, as determined by the authority, but in no event fewer than 1/8 of the units in the housing, to be financed pursuant to such commitment without the expenditure of more than 30 percent of their annual income for basic shelter cost, including the additional cost, if any, of heat, hot water, and other utilities, except telephone; provided, however, that, if necessary to make the project financially feasible, such percentage of annual income may be increased to 32 percent; and provided further that, if, in order to meet federal requirements or to obtain federal assistance, a different percentage of annual income shall be required, then such percentage of annual income shall be increased, or based on the federal requirement, if applicable;
II. That with respect to housing other than rental multi-family housing, that the general housing market area, as determined by the authority, to be served by such housing does or shall by reason of the housing to be provided include housing for eligible elderly or low income persons and families, as well as eligible persons and families;
III. That there exists a shortage of decent, safe and sanitary dwelling accommodations at rents or carrying charges which eligible persons and families including eligible elderly and low income persons and families can afford within the general housing market area, as determined by the authority, to be served by such housing;
IV. That without the assistance contemplated by such commitment, private enterprise cannot supply such housing in such general housing market area at rentals or carrying charges which eligible persons and families can afford; and at which eligible elderly and low income persons and families can afford without the expenditure of more than 30 percent of their income for basic shelter cost, including the additional cost, if any, of heat, hot water, and other utilities, except telephone;
V. That as to any loan to a lending institution or purchase of a loan or mortgage loan, an inadequate supply of funds for housing loans or mortgage loans exists in normal banking channels within the state and available to the general housing area;
VI. That such housing either is itself designed to house eligible elderly and low income persons and families and eligible persons and families of varied economic means or shall not create or contribute to an undue concentration of low income families in one neighborhood;
VII. That the housing to be financed by the authority pursuant to such commitment shall increase the supply of or promote the quality of decent, safe and sanitary housing for eligible persons and families, including a reasonable number, as determined by the authority, of eligible elderly and low income persons and families and shall be of public use and provide a public benefit;
VIII. That such housing shall be undertaken, and the eligible mortgagor, eligible person and family or lending institution regulated, pursuant to the rules of the authority and subject to this chapter; and
IX. That the authority's estimate of its revenues from the financing of such housing, together with all subsidies, grants or other financial assistance from governmental agencies or other sources to be received in connection with such housing, shall equal in the aggregate the amount estimated by the authority as necessary for debt service on its bonds and notes to be issued for the purpose of financing such housing.