(a) All eligible municipal and not-for-profit projects in a given grant cycle shall be reviewed using the same ranking criteria. In assessing the merit of a proposed project the following criteria will be considered:

1. (1) physical needs of the property, including any immediate threat from demolition, impairment, slumping, vandalism and relic collecting, and how well the proposed project addresses them;
2. (2) significance of the property in the national, State or local context;
3. (3) evidence of adequate planning, including the preparation of planning documents, the use of qualified professionals on whose recommendations the project proposal has been based and consistency with other State and local programs;
4. (4) the local and statewide impact of the project;
5. (5) the financial need of the applicant, including the fund-raising plan and the evidence of matching funds commitment;
6. (6) factors ensuring the property's immediate and future protection. This may include the ability of the project sponsor and involved professionals to successfully complete the project and to assure operation of the facility; the preparation of a maintenance plan; or designation under a local preservation law which has been approved by the commissioner as providing adequate protection for the property; and
7. (7) adequacy of the preservation technology proposed, its consistency with current professional standards and the demonstration of appropriate new techniques or solutions.