Conditions for guarantee

§ 9. Conditions for guarantee. In order for a loan to be guaranteed under the provisions of this act, the loan to be guaranteed must be executed by a borrower to whom credit is not reasonably available, and in the case of a borrower undertaking a housing project, provide financing for the acquisition, construction, reconstruction or rehabilitation of housing accommodations for persons or families which cannot afford safe and sanitary housing accommodations provided by the unaided efforts of private enterprise.