§ 803. Conditions precedent to making such loans. A municipality shall
not participate in a loan pursuant to this article unless the agency
finds that the area in which the existing multiple dwelling,
non-residential property or vacant land is situated is a blighted,
deteriorated or deteriorating area, or has a blighting influence on the
surrounding area, or is in danger of becoming a slum or a blighted area
because of the existence of substandard, insanitary, deteriorating or
deteriorated conditions, an aged housing stock, or under-utilized
non-residential property, or other factors indicating an inability of
the private sector unaided to cause such rehabilitation, conversion or
construction to be made and unless the agency has notified occupants of
the existing multiple dwelling of the contemplated rehabilitation and
has advised them of the expected rental increase to result therefrom and
a representative of the agency has met or has offered to meet at least
once with the occupants.