(1) It is declared to be the policy of this state that each authority shall manage and operate its projects in an efficient manner so as to enable it to fix the rentals or payments for dwelling accommodations at low rates consistent with providing adequate dwelling accommodations for persons of low income. (2) To this end the authority shall fix the rentals or payments for dwellings in its projects at no higher rates than it finds to be necessary in order to produce revenues which, together with all other available moneys, revenues, income, and receipts of the authority from whatever sources derived including federal financial assistance necessary to maintain the low rent character of the projects, will be sufficient to cover: (a) Reasonable and proper costs of management, operation, maintenance, and improvement of the projects; (b) Payments in lieu of taxes as it determines are consistent with the maintenance of the low rent character of projects; (c) The establishment of reasonable and proper reserves; and (d) The payment of currently maturing installments of principal and interest on any indebtedness incurred in connection with the project by the authority. (3) Rentals or payments for dwellings shall be established and the projects administered, insofar as possible, so as to assure that any federal financial assistance required shall be strictly limited to amounts and periods necessary to maintain the low rent character of the projects. In the operation or management of a project, the authority may enter into any agreement with the federal government respecting tenant eligibility.
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