(1) An application must be submitted using the board's uniform application and loan supplement.

(2) At the time the application is submitted, an applicant must also submit:

(a) a description of the efforts made by the applicant to coordinate the loan with other housing assistance programs administered by the board, the federal government, state agencies, tribal government, local public housing authorities and local governments;

(b) an explanation of how the loan will not supplant existing or available funding for the project; and

(c) a description of the priority the lien of the board will have in relationship with the liens of other lenders on the project.

(3) Applications will be reviewed by staff designated by the board and presented to the board for consideration as soon as the review is completed, but not later than 90 days following receipt of a complete application by the board.

(4) Applications that are substantially incomplete shall not be processed but will be returned to the applicant.