(a) A local government, whether acting directly or through its housing authority, shall not acquire, lease, or develop an essential housing development unless the local government first submits to the comptroller of the treasury a plan for the funding, financing, and operation of the essential housing development, and receives from the comptroller a written determination that such plan is in the best interest of the state. The comptroller of the treasury may establish guidelines outlining the contents of a plan.
(b) At a minimum, the plan submitted must describe the nature and feasibility of the project, how the public-private partnership for the entire project, if any, is structured, the risks to the local government, how those risks are mitigated, and a description of how the plan is in the best interest of the state.
(c) The plan submitted is deemed approved if the written determination by the comptroller is not rendered within sixty (60) days of the comptroller's receipt of the complete plan from the local government. The plan is not deemed received until complete, and the comptroller may request any additional information as deemed necessary for the review of the plan.