(7) approved a binding legal contract and land use restriction to be entered into by the transferee of the property in favor of the local housing authority and the department that requires compliance with this chapter and the department's regulations to the extent this chapter and the department's regulations apply to tenancy in and application to public housing, as determined by the department, with respect to the replacement units in the same manner and to the same effect as if the transferee were a housing authority; provided, however, that the department may waive this requirement as may be necessary to secure financing; and provided further, that the contract shall require compliance in perpetuity unless the department determines that the project financing requires the use of federal low-income housing tax credits and that compliance in perpetuity would make it not feasible to comply with Internal Revenue Service requirements with respect to the low-income housing tax credit program.