(1) Organizations eligible for HMF loans are agencies or programs of state government, local governments, tribal governments, local housing authorities, nonprofit community or neighborhood based organizations, regional or statewide nonprofit housing assistance organizations, and for-profit housing developers.

(2) The applicant must document to the satisfaction of the board experience in the development or management of housing for low and/or moderate income households. Criteria considered by the board includes, but are not limited to:

(a) number of years experience in development or management of housing for low and/or moderate income households;

(b) number of housing developments and units developed or managed;

(c) involvement in other low and moderate income housing programs of the board, federal agencies and tribal and local governments; and

(d) successful completion of other housing development projects.