(a) The Department shall periodically issue a Notice of Funding Availability (NOFA) that specifies, among other things, the amount of funds available, application requirements, the selection and weighting of funding priorities, the deadline for submittal of applications, the schedule for rating and ranking of applications and awarding funds, and the general terms and conditions of funding commitments. A NOFA may declare as ineligible applications for which the Department has issued, or concurrently will issue, a special NOFA pursuant to subsection (e).

(b) Applicants shall make application on a form made available by the Department requesting information required by this Subchapter 3.

(c) Applications selected for funding shall be approved at loan and/or grant amounts, terms, and conditions specified by the Department based on staff's analysis of the financing structure and amount of funds necessary for the activity to be financially feasible, and, in the case of a rental housing development, to meet the underwriting requirements of Sections 8310, 8311, and 8312. For each application selected for funding, the Department shall issue an award letter and a conditional loan and/or grant commitment.

(d) In order to implement the goals and purposes of the Program, the Department may adopt measures to direct funding awards to designated types of housing developments based on the factors set forth in Section 7212. These measures may include, but are not limited to: