Notwithstanding any other provision of this chapter, the department may not finance a housing development undertaken by a housing sponsor under this chapter, unless the department first determines that:
(1) the housing development is necessary to provide needed decent, safe, and sanitary housing at rentals or prices that individuals or families of low and very low income or families of moderate income can afford;
(2) the housing sponsor undertaking the proposed housing development will supply well-planned and well-designed housing for individuals or families of low and very low income or families of moderate income;
(3) the housing sponsor is financially responsible;
(4) the housing sponsor is not, or will not enter into a contract for the proposed housing development with, a housing developer that:
(A) is on the department’s debarred list, including any parts of that list that are derived from the debarred list of the United States Department of Housing and Urban Development;
(B) breached a contract with a public agency; or
(C) misrepresented to a subcontractor the extent to which the developer has benefited from contracts or financial assistance that has been awarded by a public agency, including the scope of the developer’s participation in contracts with the agency and the amount of financial assistance awarded to the developer by the agency;
(5) the financing of the housing development is a public purpose and will provide a public benefit; and
(6) the housing development will be undertaken within the authority granted by this chapter to the housing finance division and the housing sponsor.