[§201H-204]  Eligible projects.  (a) 
Activities eligible for assistance from the fund shall include but not be
limited to:



(1)  New construction, rehabilitation, or preservation
of low-income rental housing units that meet the criteria for eligibility described
in subsection (c);



(2)  The leveraging of moneys with the use of fund
assets;



(3)  Pre-development activity grants or loans to
nonprofit organizations; and



(4)  Acquisition of housing units for the purpose of
preservation as low-income or very low-income housing.



(b)  Preference shall be given to projects
producing units in at least one of the following categories:



(1)  Multifamily units;



(2)  Attached single-family units;



(3)  Apartments;



(4)  Townhouses;



(5)  Housing units above commercial or industrial
space;



(6)  Single room occupancy units;



(7)  Accessory apartment units;



(8)  Employee housing;



(9)  United States Department of Housing and Urban
Development mixed finance development of public housing units; and



(10)  Other types of units meeting the criteria for
eligibility set forth in subsection (c).



(c)  The corporation shall establish an
application process for fund allocation that gives preference to projects
meeting the following criteria that are listed in descending order of priority:



(1)  Serve the original target group;



(2)  Provide at least five per cent of the total
number of units for persons and families with incomes at or below thirty per
cent of the median family income;



(3)  Provide the maximum number of units for persons
or families with incomes at or below eighty per cent of the median family
income;



(4)  Are committed to serving the target group over a
longer period of time;



(5)  Increase the integration of income levels of the
immediate community area;



(6)  Meet the geographic needs of the target group of
the proposed rental housing project, such as proximity to employment centers
and services; and



(7)  Have favorable past performance in developing,
owning, managing, or maintaining affordable rental housing.



The corporation may include other criteria as
it deems necessary to carry out the purposes of this subpart.



If the corporation, after applying the process
described in this subsection, finds a nonprofit project equally ranked with a
for-profit or government project, the corporation shall give preference to the
nonprofit project in allotting fund moneys. [L 2006, c 180, pt of §4]