(a) The Arkansas Historic Preservation Program shall make direct loans or loan subsidies upon such terms and conditions as it deems appropriate to owners of registered cultural properties for the restoration, rehabilitation, or repair of those properties in accordance with this subchapter.

(b) The program shall adopt rules to govern the application procedure and requirements for making or subsidizing loans under this subchapter.

(c) The program shall adopt rules to govern the deposits with lending institutions for making or subsidizing loans under this subchapter.

(d)

(1) The program shall adopt a system for the priority ranking of historic preservation projects, both eligible and ineligible for federal funding assistance, for which loan or loan subsidy applications have been received by the program.

(2) The system shall be based on factors including geographic distribution of recipient projects, severity of deterioration of the registered property, the degree of architectural and construction detail in the loan application demonstrating the feasibility of the proposed restoration, rehabilitation, or repair of the registered cultural property, and availability of other funding for the project.

(3) All loans or loan subsidies from the Historic Preservation Revolving Loan Fund shall be granted pursuant to this system, and the system shall be reviewed annually by the program.

(e) The program shall monitor the fund and shall prepare an annual report to the Governor and the General Assembly detailing the operations of the fund.

(f) The program has the authority necessary and appropriate for the exercise of the powers and duties conferred by this subchapter.