Prior to the acquisition of any lands through the exercise of the power of eminent domain, for the purposes of any moderate income housing project under the provisions of this subchapter, all affected property owners and other interested parties shall be afforded an opportunity, at a public hearing to be called for such purpose by the Executive Director of the Virgin Islands Housing Finance Authority, to present their views with respect to such project. Notice of such hearing shall be published at least once a week for not less than two successive weeks immediately prior to the date of hearing, in at least one newspaper of general circulation in the locality in which the project is to be located. Within 10 days after the conclusion of the public hearings the Executive Director of the Virgin Islands Housing Finance Authority shall consider and act upon the proposed moderate income housing project plan and may, by declaration, adopt the same.