Sec. 8-64a. Disposal of housing project by housing authority. No housing authority that receives or has received any state financial assistance may sell, lease, transfer or destroy, or contract to sell, lease, transfer or destroy, any housing project or portion thereof in any case where such project or portion thereof would no longer be available for the purpose of low or moderate income rental housing as a result of such sale, lease, transfer or destruction, except the Commissioner of Housing may grant written approval for the sale, lease, transfer or destruction of a housing project if the commissioner finds, after a public hearing, that (1) the sale, lease, transfer or destruction is in the best interest of the state and the municipality in which the project is located, (2) an adequate supply of low or moderate income rental housing exists in the municipality in which the project is located, (3) the housing authority has developed a plan for the sale, lease, transfer or destruction of such project in consultation with the residents of such project and representatives of the municipality in which such project is situated and has made adequate provision for such residents' and representatives' participation in such plan, which plan may include the construction of housing that is subject to an affordable housing deed restriction, as defined in section 12-81bb, for not less than twenty years and that is owner-occupied single-family or multifamily housing to replace existing housing units at a ratio of not less than one-to-one, and (4) any person who is displaced as a result of the sale, lease, transfer or destruction will (A) be relocated to a comparable dwelling unit of public or subsidized housing in the same municipality, (B) receive a tenant-based rental subsidy and