In order to carry out the purposes and provisions of the act, this Part and the program, the agency shall enter into agreements, to the extent feasible and appropriate, on such terms as the executive director shall determine, with other State agencies and public benefit corporations. Such agreements shall be designed to allow the program's funds to be used in conjunction with the programs administered by such agencies or public corporations and may include, but shall not be limited to agreements for any of the following: to coordinate the administration of the program with the programs administered by such other agencies; cooperation in regard thereto; review and processing of applications; certification of eligibility and recommendation of projects; allocation of funds; audit, and monitoring and review of project compliance. In entering into such agreements, the agency shall consider the extent to which funds provided pursuant to the act would complement the programs administered by such agencies or public corporations. In so considering, the agency shall take into account, among other things, the availability and commitment of funds under the programs administered by such other State agencies and public benefit corporations, the readiness to proceed of projects participating in those programs, and the extent to which those programs meet the purpose of alleviating the shortage of affordable housing.