meet the standards specified pursuant to subsection (f)(1)(C) (as of the date on which construction or substantial rehabilitation is substantially complete, as determined by such agency) and are necessary to ensure the financial feasibility of such qualified residence. (B) Considerations in making determination In making the determination under subparagraph (A), the neighborhood homes credit agency shall consider— (i) the sources and uses of funds and the total financing, (ii) any proceeds or receipts generated or expected to be generated by reason of tax benefits, and (iii) the reasonableness of the developmental costs and fees. (2) Eligible development costs The term eligible development costs means the amount which would be reasonable development costs if the amounts taken into account as paid or incurred for the acquisition of buildings and land did not exceed 75 percent of such costs determined without regard to any amount paid or incurred for the acquisition of buildings and land. (3) Substantial rehabilitation The term substantial rehabilitation means amounts paid or incurred for rehabilitation of a qualified residence if such amounts exceed the greater of— (A) $20,000, or (B) 20 percent of the amounts paid or incurred by the taxpayer for the acquisition of buildings and land with respect to such qualified residence. (4) Construction and rehabilitation only after allocation taken into account (A) In general The terms reasonable development costs and eligible development costs shall not include any amount paid or incurred before the date on which an allocation is made to the taxpayer under subsection (e) with respect to the qualified project of which the qualified residence is part unless such amount is paid or incurred for the acquisition of buildings or land. (B) Land and building acquisition costs Amounts paid or incurred for the acquisition of buildings or land shall be included under paragraph (A) only if paid or incurred not more than 3 years before the date on which the allocation referred to in