The Department shall approve initial applications submitted under Regulation .08 based on the following priority order: An eligible project in a Tier 1 area that received a final certificate in the previous fiscal year. An eligible project in a Tier II area that received a final certificate in the previous fiscal year. An eligible project in a Tier 1 area that did not receive a final certificate in the previous fiscal year. An eligible project in a Tier II area that did not receive a final certificate in in the previous fiscal year. If there are unencumbered funds remaining, the Department may: Carry forward the unused balance to the next fiscal year; Establish one or more additional periods during the fiscal year for accepting initial applications; or Issue credits on a first-come first-served basis during the fiscal year until fiscal year funding is exhausted.