(a) The corporation shall determine whether a RFA, State assistance contract, municipal application, municipal approval or any other form, document or other information submitted to the corporation for review contains all necessary information, is properly executed or filled out, whether submissions fulfill FAB Program requirements, and whether an application is complete and ready for approval.

(b) The corporation shall approve, or disapprove, project costs and determine when State assistance payments are to be made to, or on behalf of, a project owner.

(c) The corporation shall determine the useful life of the facilities or equipment to be funded, in whole or part, with State assistance.

(d) The corporation may conduct such reviews, inspections and investigations of an eligible project as it determines is reasonably necessary to ensure that applicable Federal, State and local requirements are fulfilled, and that the terms, requirements, and conditions of this Part, are being met.

(e) The project owner is solely responsible for the proper planning, design, installation, construction, operation and maintenance of the eligible project. Notwithstanding any review, inspection, investigation or approval by the corporation, neither the corporation, nor its employees, agents or representatives, are responsible to the project owner, or any other party, for increased costs or any other damages resulting from any defects in the planning, design, installation, construction, operation or maintenance of the eligible project.