A. An application for housing development assistance shall:
(1) describe the scope and plans of the housing development project;
(2) demonstrate that the housing development project will create or expand housing within the state;
(3) demonstrate that the proposed housing development project will comply with applicable state and federal law;
(4) provide sufficient evidence that other means of financing a proposed housing development project are unavailable or insufficient; and
(5) include other documentation or certifications that the authority deems necessary.
B. The authority shall:
(1) make the application publicly available, including a description of the scope and plans of the proposed housing development project;
(2) ensure that all information relating to the housing development project and the evaluation of the application is made publicly available, unless the information is otherwise unable to be disclosed as provided by law;
(3) prioritize applications for housing development assistance that demonstrate local support and financial need; and
(4) prior to providing housing development assistance, determine that:
(a) the proposed housing development project will create or expand housing within the state;
(b) the proposed housing development project will comply with applicable state and federal law; and
(c) other means of financing a proposed housing development project are unavailable or insufficient.