Before the issuance of bonds or obligations for a housing development project proposed by a commission under § 11-7-53.1, the commission shall prepare and submit for the governing body's approval a plan addressing the following requirements:

1. (1) The housing needs of the municipality and the data demonstrating those needs;
2. (2) The plan of the municipality to meet identified housing needs, and the specific methods to be used to carry out the plan;
3. (3) Target areas, if any, of the municipality for each method; and
4. (4) A general description of the program or programs to be implemented to meet the housing needs identified in the plan.

Source: SL 1995, ch 80 , § 3.