(1) No project shall be approved as an eligible project by the committee or council unless each of the following standards have been met or will be met as a precondition to final approval:
(a) There exists a need for the housing to be generated by the project;
(b) The project is economically feasible;
(c) The project may be unable to obtain private mortgage financing or may be economically unfeasible with private mortgage financing;
(e) The interest on bonds issued to finance or refinance the project or to make, purchase, service or sell mortgage loans issued in connection with the project will be exempt from federal income taxes under Section 103(a)(1) of the Internal Revenue Code of 1954, as amended, or its successor provision; and
(f) The project is consistent with all adopted city plans and policies, including applicable zoning and land use regulations.
(2) In making a determination on an application, the committee and council shall consider the following factors as guidelines. Deficiencies in one factor may be offset by significant advantages of the project.
(a) The general benefits and detriments of the project to the city;
(b) The density of use and potential impact on the area affected by the project;
(c) The city’s ability to supply or support urban services required by the project and the effect of the project on the city’s ability to supply or support urban services to other areas;
(d) The effect of the issuance of the bonds anticipated by the project upon the bond credit rating of the city and the city’s housing revenue bond authority; and
(e) The effect of the project and any proposed relocation plan on persons and businesses who will be dislocated or adversely affected by the project.