§ 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.