(a) In evaluating eligibility, the authority shall consider whether the applicant’s PACE program includes the following conditions:

1. (1) Financing recipients are legal owners of underlying property.
2. (2) Financing recipients are current on mortgage and property tax payments.
3. (3) Financing recipients are not in default or in bankruptcy proceedings.
4. (4) Financing is for less than 15 percent of the value of the property, up to the first seven hundred thousand dollars ($700,000) of the value of the property, and is for less than 10 percent of the remaining value of the property above seven hundred thousand dollars ($700,000).
5. (5) The property is within the geographical boundaries of the PACE program.
6. (6) The program offers financing for energy or water efficiency improvements, electric vehicle charging infrastructure, or clean energy improvements.
7. (7) Improvements financed by the program follow applicable standards of energy efficiency retrofit work, including any guidelines adopted by the State Energy Resources Conservation and Development Commission.
8. (8) The total mortgage-related debt and PACE financing on the underlying property does not exceed the value of the property.

(b) In evaluating an application, the authority shall consider all of the following factors:

1. (1) The use by the PACE program of best practices, adopted by the authority, to qualify eligible properties for participation in underwriting the PACE program.
2. (2) The cost efficiency of the applicant’s PACE program, including bond issuance, credit enhancement, or insurance.
3. (3) The projected number of jobs created by the PACE program.
4. (4) The applicant’s PACE program requirements for quality assurance and consumer protection as related to achieving efficiency and clean energy production.
5. (5) The mechanisms by which savings produced by this program are passed on to the property owners.
6. (6) Any other factors deemed appropriate by the authority.