(a) An applicant must submit a complete application as prescribed by the commissioner.

(b) The commissioner, upon receipt of a complete application from an applicant, shall determine whether the applicant meets the eligibility criteria set forth in section 260.3 of this Part based upon the application review procedure set forth in section 260.5 of this Part. An applicant that does not meet the eligibility criteria set forth in section 260.3 of this Part shall not be accepted into the program.

(c) Having determined that an application is complete and that the applicant meets the eligibility criteria set forth in section 260.3 of this Part, the department shall admit the applicant to the program and issue a certificate of tax credit as defined in section 260.2(a) of this Part in an amount as determined based upon the review and calculation of the credit set forth in sections 260.5 and 260.6 of this Part.