(A) Monies within the fund must be allocated to eligible applicants, who have submitted proposals for eligible projects, in accordance with funding cycles established at least annually by the board.
(B) In allocating monies within the fund, priority must be given to applications which provide for one or more of the following:
(1) affordable housing proposals which serve very low income households;
(2) local government contributions to project costs, including infrastructure improvements, contributions of publicly-owned land for housing development, and the provision of funds for resident services;
(3) proposals which utilize financial assistance available through federal funding or other programs to leverage monies available from the fund;
(4) applicant contributions to project costs;
(5) proposals submitted by nonprofit sponsors for the provision of affordable housing;
(6) coordination with other housing and infrastructure investments in the community;
(7) provision of housing to persons whose current housing fails to meet basic standards of health and safety and who have little prospect of improving the condition of their housing.