The Department shall review applications for loans submitted by private or nonprofit sponsors, political subdivisions, or local housing authorities established under Division II of this article on behalf of sponsors of proposed rental housing projects. In reviewing an application for a Program loan under this subtitle, the Department shall consider: the extent to which households of limited income will be assisted by the proposed project; the number and percentage of households of limited income currently living in the community where the project is proposed; the quantity, condition, and affordability of residential property in the community where the project is proposed; the economic feasibility of the proposed project; the degree of local government incentive and support provided to the proposed project, including contribution of land, abatement of taxes or fees, direct or indirect rental subsidies, and grants; and any other relevant factors.