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incident to the housing development and the financing thereof (including reim- <br />bursement to any municipality, county or entity for expenditures made with the <br />approval of the housing finance authority for the housing development), and <br />interest accrued during construction and for a reasonable period thereafter. <br />(5) "Lending institution" means any bank or trust company, mortgage <br />banker, savings bank, credit union, national banking association, savings and <br />loan association, building and loan association, insurance company, or other <br />financial institution authorized to transact business in this state and which <br />customarily provides service or otherwise aids in the financing of mortgages <br />located in the state. <br />(6) "Qualifying housing development" means any housing development which <br />a housing finance authority finds will assist in alleviating the shortage of <br />housing in the area of operation of such authority. <br />(7) "Eligible persons" means persons or families, irrespective of race, <br />creed, national origin or sex, determined by the housing finance authority by <br />rule to be of moderate, middle or lesser income requiring such assistance as <br />is made available pursuant to this act on account of insufficient personal or <br />family income and taking into consideration such facts as: <br />(a) The amount of the total income of such persons and families avail- <br />able for housing needs. <br />(b) The size of the family. <br />(c) The cost and condition of available housing facilities. <br />(d) The availability of such persons and families to compete success- <br />fully in the normal, private housing market and to pay the amounts for which <br />private enterprise is providing sanitary, decent and safe housing. <br />(e) If appropriate, the standards established for various federal pro- <br />grams determining eligibility based on income of such persons and families. <br />Section 4. Creation of housing finance authorities.-- <br />(1) Each county in this state may create by ordinance a separate public <br />body corporate and politic to be known as the "Housing Finance Authority" of <br />the county for which it is created, to carry out only the powers granted in <br />this act. A housing finance authority shall not transact any business or <br />exercise of powers under this act until the governing body of the county for <br />which it is created, to carry out only the powers granted in this act. A <br />housing finance authority shall not transact any business or exercise any <br />powers under this act until the governing body of the county for which such <br />housing finance authority is created passes a resolution declaring the need <br />