The Subsidizing Agency’s decision criteria are listed in 760 CMR 56.04, and they include:

…that the proposed project appears generally eligible under the requirements of the housing sub­sidy program;

..that the site of the proposed project is generally appropriate for residential development, taking into consideration information provided by the municipality or other parties regarding municipal actions previously taken to meet affordable housing needs, such as inclusionary zoning, multifam­ily districts adopted under M.G.L. c.40A, and overlay districts adopted under M.G.L. c.40R, (such finding, with supporting reasoning, to be set forth in reasonable detail);

..that the conceptual project design is generally appropriate for the site on which it is located, tak­ing into consideration factors that may include proposed use, conceptual site plan and building

massing, topography, environmental resources, and integration into existing development pat­terns (such finding, with supporting reasoning, to be set forth in reasonable detail);

..that the proposed project appears financially feasible within the housing market in which it will be situated (based on comparable rentals or sales figures);

..that an initial pro forma has been reviewed, including a land valuation determination consistent with DHCD’s guidelines, and the project appears financially feasible and consistent with DHCD’s guidelines for Cost Examination and Limitations on Profits and Distributions (if applicable) on the basis of estimated development costs;

..that the applicant is a public agency, a non‑profit organization, or a limited dividend organiza­tion, and it meets the general eligibility standards of the housing program; and

..that the applicant controls the site, based on evidence that the applicant or a related entity owns the site, or holds an option or contract to acquire such interest in the site, or has such other inter­est in the site as is deemed by the subsidizing agency to be sufficient to control the site.