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Committee review. The completed applications will then be <br />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 <br />Loan Review Committee approval letter to. the applicant <br />and notify him that the loan/grant must be closed within <br />90 days. The Loan Review Committee approval letter <br />specifies steps and documents needed prior to scheduling <br />a loan closing. <br />Mortgage document and promissory notes are then prepared, <br />and a closing is scheduled. At the closing, the <br />applicant signs all appropriate documents and then funds <br />are expended as needed. <br />b. Following is a general application process for <br />rehabilitation loans and grants.., <br />At the application acceptance period, each applicant <br />receives an application number which is given to him by <br />the IRCLHAPprogram staff in consecutive order. <br />At the end of the application acceptance period, staff <br />will conduct application reviews based on the first <br />application submitted first application to be reviewed. <br />For incomplete applications, staff will send the <br />applicant a letter letting him or her know what is needed <br />to complete the application. <br />For complete applications, staff will through a third <br />party verify the household's income and assets. Staff <br />then contacts the applicant to schedule an inspection <br />with the LHAP inspector. The LHAP inspector then <br />prepares the work write-up, which will then be sent to <br />the applicant along with the eligibility letter, <br />indicating the household's information and informing him <br />of a specific amount of the.funds is reserved for him for <br />45 days. The eligibility letter identifies what is <br />needed for an application to be ready for Loan Review <br />Committee review. <br />Once the bids are submitted, the LHAP inspector reviews <br />them. The applicant is then notified and comes in to <br />sign the lower bid and then send an eligibility <br />(commitment) letter to the applicant. The completed <br />applications will then be submitted to the IRCLHAProgram <br />Loan Review Committee (LRC) based on first application <br />completed, first application submitted. <br />After Loan Review Committee approval staff will send a <br />Loan Review Committee approval letter to the applicant <br />and notify them of their approval amount and that staff <br />will contact them to schedule a closing date and time. <br />52 <br />