(a) Where the professional fee is anticipated to be $25,000 or more, the consultant must be solicited through a request for proposals. Such request for proposals shall be supported by documentation which describes the scope of services to be provided, the funding source, solicitation methodology, and listing of the professional firms that will be solicited. Any resulting contract is subject to prior approval by the division. Subsequent to award, any change in the scope or price of the professional fee is subject to approval by the division.

(b) Where the professional fee is not anticipated to exceed $25,000 a request for proposals is not required. Documentation describing the process of consultant selection shall be maintained on file by the housing company and shall be made available to the division upon request of the division. Subsequent to award, any change in price which will increase the professional fee to more than $25,000 subject to approval by the division.