A housing authority may finance, develop, own, manage or operate a mixed income housing project if:

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(1) The housing authority determines that a substantial number of persons of eligible income in the area served by the authority cannot obtain housing for 30 percent or less of their income.

(2) Based on the determination under subsection (1) of this section, the housing authority adopts a resolution declaring the need for additional housing for persons or families of lower income that can be addressed by the authority financing, developing, owning, managing or operating a mixed income housing project. [1995 c.445 § 9; 2007 c.606 § 10]