(1) The board shall review the project applications described in Subsections 35A-8-509(5) and 35A-8-509.5(5). (2) (a) The board may approve a project that meets the requirements of Subsections 35A-8-509(4) and (5) to receive funds from the Economic Revitalization and Investment Fund. (b) The board may approve a project that meets the requirements of Subsections 35A-8-509.5(4) and (5) to receive funds from the Rural Housing Fund. (3) The board shall give preference to projects: (a) that include significant additional or matching funds from an individual, private organization, or local government entity; (b) that include significant contributions by the applicant to total project costs, including contributions secured by the applicant from other sources such as professional, craft, and trade services and lender interest rate subsidies; (c) with significant local government contributions in the form of infrastructure, improvements, or other assistance; (d) where the applicant has demonstrated the ability, stability, and resources to complete the project; (e) that will serve the greatest need; (f) that promote economic development benefits; (g) that allow integration into a local government housing plan; (h) that would mitigate or correct existing health, safety, or welfare concerns; or (i) that remedy a gap in the supply of and demand for affordable housing. Renumbered and Amended by Chapter 393, 2026 General Session Renumbered 7/1/2026
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