The State Authority shall not finance any residential housing unless, before such financing, the State Authority finds that:

1. There exists a shortage of decent, safe and sanitary housing at rentals or prices which eligible families can afford within the general housing market area as determined by the State Authority.

2. Private enterprise and investment have been unable, without assistance, to provide an adequate supply of decent, safe and sanitary housing in such housing market area at rentals or prices which persons or families of low and moderate income can afford or to provide sufficient mortgage financing for residential housing for occupancy by such persons or families.

3. The proposed residential housing will increase the supply or improve the quality of decent, safe and sanitary housing for eligible families.

4. The residential housing to be developed or assisted by the State Authority pursuant to the provisions of NRS 315.9981 to 315.99874, inclusive, will be of public use and will provide a public benefit.

5. The estimates of the State Authority of its revenues from the financing of the residential housing, together with all subsidies, grants or other financial assistance from governmental agencies or other entities to be received in connection with the residential housing, will be sufficient to pay the amount estimated by the State Authority as necessary for debt service on its notes and bonds to be issued for the financing of the residential housing.

(Added to NRS by 2005, 213)