A commission need not require competitive bidding on the construction or development of a housing development project if: (1) The project is financed with the proceeds of bonds issued under this chapter or from nongovernmental sources; (2) The project is either located on land that is owned or is being acquired by the commission only for development purposes, or is not owned by the commission at the time the contract is entered into but the contract provides for conveyance or lease to the commission of the project or improvements upon completion of construction; and (3) The commission finds and determines that elimination of the public bidding requirements is necessary in order for the housing development project to be economical and feasible.
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