Section 19. The Agency may make grants and undertake financing transactions under the provisions of clause (29) of section 3 only upon the approval by the Agency of an application containing the following information:

(a) identification of the applicant;

(b) a description of the project including a financing plan;

(c) a description of how the Agency's interest will be secured; and

(d) a description of the public benefits to be derived from the project.

No such application shall be approved by the Agency unless the Agency finds that the transaction represented in such application provides for the capitalization or stabilization of a business that is or will be located in a small business incubator facility or for the acquisition, development, improvement, redevelopment, operation, maintenance or use of lands, in whole or in part, or the construction, rehabilitation, demolition or maintenance of the buildings thereon, or the acquisition, establishment, development, improvement, redevelopment, stabilization, management or operation of small business incubator facilities thereon, substantially for industrial, commercial or residential uses which will prevent or eliminate blight, economic dislocation, economic distress or unemployment, or for the construction, rehabilitation or maintenance upon such lands of decent, safe and sanitary housing, at least 25 per cent of which will be made available to persons of low and moderate income, or for such other public purposes as the Agency may determine are generally consistent with the provisions of this chapter; that such project is consistent with the sound needs of the locality as a whole, with particular regard to the prevention of blight, economic dislocation, economic distress or unemployment, or the alleviation of the shortage of such housing; that such project is financially sound; and that such project meets such other requirements as the Agency may by regulation establish.