(3) approved the sale or other disposition and the terms thereof, which shall be at a value determined through procedures customarily accepted by the appraising profession as valid, unless the department determines that a below-market disposition would be in the public interest in order to support the continued occupancy of dwelling units in the new development by low-income persons or families;
(4) determined that the availability of funds to the housing authority for such project is conditioned upon the occurrence of the initial mortgage loan closing for the development of new or rehabilitated housing on the land where the existing project is situated, and the housing authority has selected, through a qualifications-based competitive procurement process approved by the department, a developer best qualified to: (i) develop, own and operate the new or rehabilitated housing on the existing land; (ii) provide for such development of the new housing within a reasonable time in accordance with department-approved contracts; and (iii) assure continued occupancy of the required number of replacement units in the new development by low-income persons or families in accordance with this chapter.