A.__At least 25%, by area, of the real property within an affordable housing development district must:

(1)__Be suitable for residential use;

(2)__Be a blighted area; or

(3)__Be in need of rehabilitation or redevelopment.

B.__The affordable housing development district is subject to the area cap established in section 5223, subsection 3, paragraph B.

C.__The original assessed value of a proposed affordable housing development district plus the original assessed value of all existing affordable housing development districts within the municipality may not exceed 5% of the total value of taxable property within the municipality as of April 1st preceding the date of the director's approval of the designation of the proposed affordable housing development district.

D.__The aggregate value of municipal general obligation indebtedness financed by the proceeds from affordable housing development districts within any county may not exceed $50,000,000 adjusted by a factor equal to the percentage change in the United States Bureau of Labor Statistics Consumer Price Index, United States City Average from January 1, 2002 to the date of calculation.

E.__The affordable housing development program must show that the development meets an identified community housing need.__The affordable housing development program must provide a mechanism to ensure the ongoing affordability for a period of at least 5 years.

F.__Acquisition, construction and installment of all property improvements, buildings, structures, fixtures and equipment included within the affordable housing development program and financed through municipal bonded indebtedness must be completed within 5 years of the director's approval of the designation of the affordable housing development district.