(a) The corporation may, at its discretion and within available appropriations, issue requests for proposals and may at other times accept direct applications for program assistance.

(b) Promptly after receipt of the application, the corporation shall review the application for eligibility, completeness, and conformance with the applicable requirements of the act and this rule. Applications shall be processed in full compliance with the applicable provisions of section 16-r of the act.

(c) If the proposal satisfies the applicable requirements and initiative funding is available, the proposal may be presented to the corporation’s directors for adoption consideration in accordance with applicable law and regulations. The directors normally meet once a month. If the project is approved for funding and if it involves the acquisition, construction, reconstruction, rehabilitation, alteration or improvement of any property, the corporation will schedule a public hearing in accordance with the act and will take such further action as may be required by the act and applicable law and regulations. After approval by the corporation and a public hearing the project may then be reviewed by the State Public Authorities Control Board (“PACB”), which also generally meets once a month, in accordance with PACB requirements and policies. Following directors' approval, and PACB approval, if required, documentation will be prepared by the corporation. Notwithstanding the foregoing, no initiative project shall be funded if sufficient initiative monies are not received by the corporation for such project.