The agency shall, after public hearings, establish priorities for the allocation of financing assistance pursuant to this chapter among eligible areas and counties and cities throughout the state. In so doing, the agency shall take into account the following factors, to the extent applicable:
(a)
The impact of financing assistance in upgrading substandard residential structures to decent, safe, and sanitary condition.
(b)
The impact of financing assistance in stablilizing urban neighborhoods and preventing or arresting the process of deterioration.
(c)
The impact of financing assistance in effectuating the efficient utilization of commitments of housing subsidies, thereby increasing housing opportunities for lower income households and very low income households.
(d)
The impact of financing assistance in complementing the local utilization of community development funds made available pursuant to Title 1 of the Housing and Community Development Act of 1974 (Public Law 93-383).
(e)
The availability and feasibility of alternative means to achieve substantially the same results as financing assistance provided pursuant to this chapter.
(f)
The availability of efficient and effective public mass transit service for the residents of the neighborhood assisted. Other things being equal, preference shall be given to preserving neighborhoods where efficient and effective public mass transit service exists.