A project qualifies as a housing innovation project if it provides new housing in which: at least 20% of the units are set aside for households with a gross annual income of not more than 50% of the area median income for a household of like size; or at least 40% of the units are set aside for households with a gross annual income of not more than 60% of the area median income for a household of like size. The Department shall prioritize funding for projects that best meet the following guidelines: the project does not use low–income housing tax credit equity or tax–exempt volume cap; the affordable set–asides required under subsection (a) of this section remain restricted at elected levels for at least 99 years; the project remains in public ownership; the project includes a commitment to prevailing wage requirements; and any portion of the units are set aside for educator workforce housing.