(A) The agency shall develop a qualified allocation plan pursuant to the mandates and requirements within section 42 of the Internal Revenue Code of 1986 as amended. The qualified allocation plan shall contain minimum project requirements and selection criteria to ensure projects meet federal and state mandates and priorities.
(B) The agency shall review the requirements set forth in the qualified allocation plan annually. In reviewing and approving a plan, the agency shall:
(1) Make a draft of the plan available to the public for comment for at least thirty days;
(2) Hold at least one public hearing, pursuant to procedures mandated in section 42 of the Internal Revenue Code, soliciting public comment on the plan before it is final; and
(3) Submit the plan to the agency for approval at a meeting of the agency.