Applications shall be approved or disapproved by the Commissioner or his agent based on factors listed in Section 8-412-4
above, the availability of financial assistance, and factors which include, but are not limited to:
(1) any needs outlined in the Department's Five Year Housing Advisory Plan;
(2) the apparent capability of the developer to plan complete and manage a project including past experience and staffing; and
(3) the impact that the grant or loan will have on the housing needs of low and moderate income persons.
(b) If an application is disapproved, the developer shall be notified in writing of the reason(s) for the rejection.
(c) If an application is approved, the Commissioner or his designated agent shall issue a commitment letter which notifies the developer, in writing, that the project may proceed and indicates the expected terms and conditions of the contract for financial assistance under this program.