For any Delaware State Housing Authority financed housing development, as defined by § 4001(15) of this title, the Delaware State Housing Authority may petition for the establishment of a custodianship with the Court of Chancery upon the grounds that there has existed for 5 days or more after notice to the landlord and owner:

(1) A lack of heat, lack of running water, lack of light, lack of electricity or lack of adequate sewage facilities and the rental agreement or any state or local statute, code, regulation or ordinance places a duty upon the landlord to so provide;

(2) Unsound financial condition or conditions, such that operational needs are not being met, due to mismanagement and/or malfeasance or the transaction of business without proper authority in violation of Chapter 40 of this title, and/or the rules and regulations of the Delaware State Housing Authority; or

(3) Any other condition or conditions imminently dangerous to the life, health or safety of the tenants.

75 Del. Laws, c. 121, § ?1;