An approved lender must originate and underwrite the loan and appraise the subject property in accordance with prudent lending practices and Agency criteria addressing the following factors:

1. (a) Borrower qualifications and creditworthiness;
2. (b) Property, vacancy, market vacancy or collection loss;
3. (c) Rental concessions and rent levels;
4. (d) Tenant demand and housing supply;
5. (e) Property operating and maintenance expense;
6. (f) Property requirements as contained in subpart F of this part;
7. (g) Debt coverage ratio;
8. (h) Operating and long-term capital requirements;
9. (i) Loan-to-value ratio;
10. (j) Return on borrower equity; and
11. (k) Estimated long-term marketability of the project.