CONSIDERATIONS IN PASSING ON APPLICATION

(a) In passing on an application for financial assistance from the loan fund, the board shall consider but is not limited to: (1) the needs of the area to be served by the project and the benefit of the project to the area in relation to the needs of other areas requiring state assistance in any manner and the benefits of those projects to the other areas; (2) the availability of revenue to the applicant from all sources for the ultimate repayment of the cost of the project, including all interest; (3) the relationship of the project to overall statewide needs; (4) the ability of the applicant to finance the project without state assistance; (5) for applications for grants or loans for economically distressed areas or nonborder colonias, the regulatory efforts by the county in which the project is located to control the construction of subdivisions that lack basic utility services; and (6) for applications for grants under Section 15.102(b)(2), the ability of the applicant to construct the project without the grant and the benefits of the project to water and wastewater needs of the state. (b) The board by rule shall further define eligibility for grants under this subchapter.