(a) EDA will review completed application materials for compliance with the requirements set forth in PWEDA, this chapter, the applicable FFO and other applicable federal statutes and regulations. From those applications that meet EDA's technical and legal requirements, EDA will select applications for further consideration based on the:
(1) Availability of funds;
(2) Competitiveness of the applications based on the criteria set forth in § 301.8; and
(3) Funding priority considerations identified in the applicable FFO.
(b) EDA will endeavor to notify applicants regarding whether their applications are selected as soon as practicable.