94- 457 C.M.R. ch. 303, § 8
In the event that an application is rejected by the chief executive officer, the borrower shall have the right to appeal the decision of the chief executive officer to the members of the Authority's Board of Directors, provided that such appeal shall not affect processing of other applications received prior to the notice of appeal. Notice of the appeal, together with a statement of the reasons why the chief executive officer's decision should be reversed or modified, shall be given to the chief executive officer in writing within twenty days after the date the chief executive officer mailed the notice of rejection to the lender. The appeal shall be heard at a meeting of the members, and the borrower must be present to support the appeal. The appeal shall be based on the record before the chief executive officer on the date of the rejection. The decision of the chief executive officer shall be final unless the members determine that the rejection by the chief executive officer was arbitrary, capricious or an abuse of discretion, in which event the members may overturn or modify the decision of the chief executive officer and may direct the chief executive officer to take further action with respect to the application. Priority of any application with respect to which the chief executive officer's rejection has been overturned or modified shall be determined as of the date and time of receipt of the notice of appeal.
94- 457 C.M.R. ch. 303, § 8