(a) Monies within the Fund shall be allocated to eligible applicants under this Chapter by the Agency, in accordance with funding cycles established at least annually. The Partnership shall establish rules and regulations with full public input, including at least one public hearing for which adequate notice is provided in a timely manner. These rules and regulations shall establish general policies governing the eligibility of applicants, application procedures, project eligibility requirements, and the criteria and standards for awarding grants and loans. Such rules and regulations shall be adopted within 270 days from the effective date of this Chapter.
(b) The Agency shall promulgate rules and regulations governing the review of applications for assistance and the awarding of grants or loans under this Chapter in accordance with the rules and regulations adopted pursuant to subsection (a) above. The rules and regulations shall provide that if an application is rejected, the Agency shall detail in writing the reasons for the rejection.
(c) The Agency shall give priority to applications providing for:
(1) The improvement of existing housing stock which is affordable for low and very low income families;
(2) The construction of housing units for very low income families; and
(3) The leveraging of Fund monies by combination with other private or governmental loan grant or bond financing programs.
(d) The Agency shall also give priority to applications which include provisions such as:
(1) Interest rates and loan terms more favorable than those conventionally offered;
(2) Developer contributions to project costs;
(3) Local government contributions to project costs, including infrastructure improvements, contributions of publicly owned land for housing development, and the provision of funds for such services as child care and job training;
(4) Coordination with other housing and/or infrastructure investments in the community;
(5) Provision of housing to the disabled, single parent households, or rurally isolated households; or
(6) Provision of housing to persons whose current housing fails to meet basic standards of health and safety and who have little prospect of improving the condition of their housing except by residing in an eligible project receiving assistance under this Chapter. (1987, c. 841, s. 1; 1997-506, s. 44.)