(1) The Corporation shall, in relation to the letting of houses, observe the requirements specified in this section.
(2) The Corporation shall, in the selection of tenants of houses to be occupied by low income households, give preference to persons—
(a) who are occupying unsanitary or over-crowded houses;
(b) who have large families;
(c) who are living under unsatisfactory housing conditions,
except in so far as the demand for housing accommodation in any area on the part of such persons can be satisfied without such preference being given.
(3) The Corporation shall, in the fixing of rents, take into consideration the rents ordinarily paid by low-income families in the locality of the houses being rented.
(4) The Corporation shall, review the rents fixed under subsection (3), and shall make such changes in rents as circumstances may require.