(1) If the bond capacity of the board is not sufficient to finance all eligible projects, the board, in determining which projects to fund, shall consider the following:            

(a) the order in which the applications are submitted;            

(b) the availability of financing through one of its other programs;

(c) the availability of tax-exempt financing through another issuer; and

(d) the degree to which the project meets the policies set forth in 17-5-1502, MCA, of the Act.