Section 1106-C. Request for proposals

The  corporation,  pursuant to a
  request for proposals, shall not provide  grants  or  loans  under  this
  article   except  to  an  eligible  applicant  which  has  submitted  an
  application in consultation with the eligible  owner  or  owners,  which
  contains:
    1.  a  development  timetable acceptable to the corporation that shall
  include the projected time schedule for (a) commencement and  completion
  of  regulatory  and  review processes and approvals including procedures
  for land use and disposition; (b) construction  loan  closing;  and  (c)
  commencement  and  completion of construction. Such timetable shall also
  include a projected date as to when the  units  will  be  available  for
  occupancy  and  when  such  units  will  be fully occupied and any other
  information the corporation deems appropriate;
    2. a proposed operating and maintenance budget;
    3. an estimate of the total project costs which shall include (a)  the
  costs  necessary  for  construction  or  rehabilitation  which shall not
  exceed  a  ceiling  amount  established  by  the  corporation  which  is
  consistent  with  the reasonable costs of constructing or rehabilitating
  projects in the municipality in which the project shall be located,  (b)
  the  costs necessary for working capital and a reserve fund and (c) such
  other reasonable costs necessary for the completion of such project;
    4. evidence that the municipality within  which  the  turnkey/enhanced
  rental  project will be located is experiencing a shortage of affordable
  housing for persons of low  income  and  the  proposed  turnkey/enhanced
  rental project will contribute to reducing such shortage;
    5.  the  names,  addresses  and  business background of the principals
  involved, the nature of their fiduciary relationship and their financial
  relationship, past, present and future,  to  the  project  and  to  each
  other;  6.  the  identity of the eligible owner if the eligible owner is
  not the eligible applicant; and
    7. such other information as the corporation may require.