The Tennessee housing development agency is hereby authorized to make, or participate in the making of, construction and permanent mortgage loans to sponsors, builders, and developers of residential housing for persons who are elderly or have a disability, without respect to the requirements of §§ 13-23-116 and 13-23-117; provided, that no such loan or loans shall be made unless:
(1) The United States or an instrumentality thereof has committed to provide housing assistance payments in connection with the housing development; and
(2) Appropriate agencies of state government have entered into agreements with the Tennessee housing development agency to provide support services in connection with the housing development.