I. All funds allocated to the state under the federal act, except for an amount not exceeding the maximum allowable under the federal act available to the state for administrative costs, shall be allocated to eligible municipalities. II. All municipalities shall be eligible to apply for and receive funds under this subdivision except for entitlement municipalities. III. The allocation system shall be competitive and shall provide the opportunity for any eligible municipality to compete for funding for community development projects. IV. The authority shall solicit applications from eligible municipalities. Any eligible municipality desiring to receive funds under this subdivision shall complete and submit an application in accordance with the rules adopted by the authority. V. The authority shall evaluate the relative merits of the applications based on the rules, criteria, and procedures adopted by the authority.
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