The Authority shall review and evaluate a completed loan application accepted under Regulation .04 of this chapter in accordance with selection criteria established by the Authority, which criteria may include: The viability of the activity for which the loan is sought; The applicant’s readiness to commence the activity and complete it within an established time frame; The level of urgency of the applicant’s need for a loan to complete the activity; The activity’s consistency with the goals of the management plan; The extent to which the activity will have a positive impact on the certified heritage area; The extent to which the activity, once completed, might serve as a model for other projects within certified heritage areas; The applicant’s administrative capability, including the applicant’s capacity to manage the activity; The applicant’s ability to repay the loan; The availability of private or non-State funds for the activity; and Such additional criteria as the Authority considers appropriate. Following review and evaluation under §A of this regulation, the Authority shall: Either approve, approve with modification, or disapprove the loan; If approved, determine a level of funding for the loan, which may be in an amount less than the amount applied for by the applicant; and Notify the applicant in writing of the action taken by the Authority on the application. For a loan approved under §B of this regulation, the Authority may issue to the applicant a commitment letter for the loan that sets forth: The amount of the loan; Terms and conditions under which the loan will be made, which shall at a minimum include the terms and conditions set forth in Regulation .06 of this chapter; and A time limit within which execution of loan documents shall occur before the Authority will withdraw its commitment, which time limit the Authority may extend at its sole discretion. A decision of the Authority to approve or disapprove a loan is not a contested case within the meaning of State Government Article, Title 10, Subtitle 2, Annotated Code of Maryland. Loan closing shall be scheduled at a time and place acceptable to the applicant, Authority staff, and the Office of the Attorney General.