It is determined by the city that the class of housing project to which the tax exemption recognized herein shall apply and for which a service fee shall be paid in lieu of taxes is a housing project for elderly persons of low income, which project is financed with a MSHDA mortgage and which is subject to MSHDA enforced regulatory agreement. It is further determined that the elderly portion of the housing development is of that class.
(1990 Code, § 1.233)