The corporation shall issue all letters of eligibility for low- and moderate-income housing for applications made pursuant to chapter 53 of Title 45.

(a)  Evaluation of requests for letters of eligibility:

(1)  The corporation shall establish for each application:

(i)  The name and address of the applicant;

(ii)  The address of the site and site description;

(iii)  The number and type (homeownership or rental) of housing units proposed;

(iv)  The name of the housing program under which project eligibility is sought;

(v)  Relevant details of the particular project if not mandated by the housing program (including percentage of units for low- or moderate-income households, income eligibility standards, the duration of restrictions requiring low- or moderate-income housing); and

(2)  The corporation shall determine:

(i)  That the proposed project appears generally eligible under the requirements of the housing program, subject to final review of eligibility and to final approval;

(ii)  That the subsidizing agency, or the corporation, has performed an on-site inspection of the site and has reviewed pertinent information submitted by the applicant;

(iii)  That an initial pro forma has been reviewed and the project appears financially feasible on the basis of estimated development costs;

(iv)  That the developer meets the general eligibility standards of the housing program; and

(v)  That the applicant controls the site.

(b)  The corporation shall provide a copy of the letter of eligibility to the administrative officer of the local review board of the city or town in which the project would be located.

(c)   [Deleted by P.L. 2022, ch. 407, § 2 and P.L. 2022, ch. 408, § 2.]