(b) The corporation shall have no obligation to approve, or disapprove any request for State assistance unless and until the following has been satisfied:

1. (1) the corporation has received a properly completed and duly executed municipal application from a municipality identified in the RFA form;
2. (2) the corporation has received written approval of the project by a municipality identified in the RFA form, in the form of a properly completed municipal approval form, or a duly adopted resolution of the governing body of such municipality specifically identifying and approving the project for participation in the FAB Program;
3. (3) all required reviews of the project, pursuant to SEQRA have been completed; and
4. (4) any other requirements of the eligible project description published pursuant to section 2606.3(d) of this Part have been satisfied. Once EFC determines that the requirements of this paragraph are fully satisfied, the application shall be considered complete.

(c) Subject to funds availability, the corporation shall make State assistance payments available to project owners:

1. (1) on a first-come/first-served basis, as measured by the date on which the corporation determines it has received a complete application; or
2. (2) using criteria or methodologies set forth in the eligible project description published pursuant to section 2606.3(d) of this Part. The corporation may approve an application for funding but withhold payment until certain conditions or requirements of this Part are satisfied.