(1) The corporation shall establish the criteria for determining threshold compliance with corporation objectives. Final decisions regarding funding shall be approved by the corporation board. The corporation board shall determine the tentative loan or grant amount available to each program participant. The actual loan or grant amount shall be determined pursuant to rule specifying credit underwriting procedures.
(2) The criteria to be used to determine threshold compliance shall include, but are not limited to, the following:(a) Income target objectives of the corporation.
(b) Sponsor’s agreement to reserve more than the minimum number of units for low-income households and very-low-income households.
(c) Projects requiring the least amount of predevelopment funds compared to total predevelopment costs.
(d) Sponsor’s prior experience.
(e) Commitments of other financing.
(f) Sponsor’s ability to proceed.
(g) Project’s consistency with the local government comprehensive plan.
