The Department may accept applications on a first-come, first-served basis or in competitive rounds to be announced by the Department when the State tax credit is available under the Act. The Department shall consider the following factors when reviewing an application with an emphasis on applications that promote affordable housing: Historic preservation; Community development; and Economic development. An application submitted to the Department shall: Be on standard application forms prescribed by the Department; Be submitted by an eligible applicant under Regulation .03 of this chapter; Be for a catalytic revitalization project; Provide a description of how the project will promote the factors listed in §B of this regulation; Describe if the project will be completed in phases; and Include any other information required by the Department. Applications shall be accompanied by all documentation in the form and containing the information specified by the application procedures adopted by the Department, which may vary depending on the type of project. Application Evaluation. Each application submitted shall be reviewed by the Department to determine whether all of the information required under this chapter is contained in the application. Upon submission of all required information, the Department shall undertake an analysis of each application and make a recommendation to the Secretary as to whether a project is eligible for an initial allocation of the State tax credit and any special terms and conditions for a project The Department shall identify if a project will be in phases and eligible for multiple final tax credit certificates. Approval of Applications. If the Department recommends approval of a project for an initial State tax credit allocation, the Department shall present the project to the Secretary. The Secretary shall approve, disapprove, or approve with modifications an initial State tax credit allocation to be provided according to procedures established by the Secretary. The Secretary, in the sole discretion of the Secretary, may delegate to an authorized officer of the Department the authority to approve, disapprove, or approve with modifications an initial State tax credit allocation. The Secretary may require that the applicant execute an enforceable agreement related to the construction and rehabilitation of a catalytic revitalization project and issuance of the State tax credit. If the Department does not recommend approval of a project for an initial State tax credit allocation, the Department shall issue a written notice of rejection with an evaluation and explanation for rejection.