(1) The board will review the following criteria in considering an application for an HMF loan:

(a) the applicant's experience in managing or developing housing for low and/or moderate income households;

(b) the percentage of the units in the project that will be available for low and/or moderate income households;

(c) the need for low and moderate income housing in the community where the project is to be located; and

(d) the priority to be given the board's lien for the HMF loan in relation to the amount of the HMF loan and the priority given the liens and the amount of the loans of the other lenders on the project.