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222 . PROGRAM ADMINISTRATION AND IMPLEMENTATION ACTIVITIES : <br /> 1 . Application Periods : <br /> Applications for participation in the IRCLHAProgram will be accepted <br /> per timeframes indicated in annual advertisement . Advertisements and <br /> notices to promote the IRCLHAProgram shall include application <br /> information for the IRCLHAProgram , and production of the advertisements <br /> and notices shall constitute a part of the administrative application <br /> preparation and review processing activities . <br /> Funds from the IRCLHATF shall be allocated for encumbrance on a first <br /> application complete , first application served basis as applicants are <br /> approved and qualified for participation in the program . <br /> Furthermore , the encumbrance of funds in a manner , which would not <br /> comply , with the requirements of the IRCLHAProgram and the IRCLHAPlan <br /> is not permitted . <br /> 2 . Application Processing <br /> Applications submitted by eligible sponsors or persons for <br /> participation in the IRCLHAProgram shall be reviewed by staff members <br /> of the Community Development Department or separate third party under <br /> contract to conduct application reviews for the IRCLHAProgram . <br /> A maximum of ninety ( 90 ) working days may be utilized for review of any <br /> submitted application ; however , reviews may exceed this period pending <br /> the receipt of information or documentation required to complete the <br /> evaluation of the application . Applications will be processed based on <br /> first application completed , first application reviewed by the county <br /> loan review committee . <br /> a . Following is a general application process for <br /> downpayment / closing cost , impact fees , and land acquisition <br /> loans . <br /> At the application acceptance period , each applicant receives an <br /> application number , which is given to him by the IRCLHAProgram <br /> staff in consecutive order . <br /> At the end of the application acceptance period , staff will <br /> conduct application reviews based on the first application <br /> submitted first application to be reviewed . For incomplete <br /> applications , staff will send the applicant a letter letting him <br /> or her know what is needed to complete the application . <br /> For complete applications , staff will through a third party <br /> verify the household ' s income and assets and then send an <br /> eligibility ( commitment ) letter to the applicant , indicating the <br /> household ' s information and informing him that a specific amount <br /> of the funds is reserved for him for 90 days . The eligibility <br /> letter identifies what is needed for an application to be ready <br /> for Loan Review Committee review . The completed applications will <br /> then be submitted to IRCLHAProgram Loan Review Committee ( LRC ) <br /> based on first application completed , first application <br /> submitted . <br /> After Loan Review Committee approval , staff will send a Loan <br /> Review Committee approval letter to the applicant and notify him <br /> that the loan / grant must be closed within 90 days . The Loan <br /> Review Committee approval letter specifies steps and documents <br /> needed prior to scheduling a loan closing . <br /> Mortgage document and promissory notes are then prepared , and a <br /> closing is scheduled . At the closing , the applicant signs all <br /> appropriate documents and then funds are expended as needed . <br /> 32 <br />