2006-046 - Laserfiche WebLink

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III. PROGRAM ADMINISTRATION AND IMPLEMENTATION ACTIVITIES: 1. Application Periods: Applications for participation in the IRCLHAProgram will be accepted per timeframes indicated in annual advertisement. Advertisements and notices to promote the IRCLHAProgram shall include application information for the IRCLHAProgram, and production of the advertisements and notices shall constitute a part of the administrative application preparation and review processing activities. Funds from the IRCLHATF shall be allocated for encumbrance on a first application complete, first application served basis as applicants are approved and qualified for participation in the program. Furthermore, the encumbrance of funds in a manner, which would not comply, with the requirements of the IRCLHAProgram and the IRCLHAPlan is not permitted. 2. Application Processing Applications submitted by eligible sponsors or persons for participation in the IRCLHAProgram shall be reviewed by staff members of the Community Development Department or separate third party under contract to conduct application reviews for the IRCLHAProgram. A maximum of ninety (90) working days may be utilized for review of any submitted application; however, reviews may exceed this period pending the receipt of information or documentation required to complete the evaluation of the application. Applications will be processed based on first application completed, first application reviewed by the county loan review committee. a. Following is a general application process for downpayment/closing cost, impact fees, and land acquisition loans. At the application acceptance period, each applicant receives an application number, which is given to him by the IRCLHAProgram staff in consecutive order. At the end of the application acceptance period, staff will conduct application reviews based on the first application submitted first application to be reviewed. For incomplete applications, staff will send the applicant a letter letting him or her know what is needed to complete the application. For complete applications, staff will through a third party verify the household's income and assets and then send an eligibility (commitment) letter to the applicant, indicating the household's information and informing him that a specific amount of the funds is reserved for him for 90 days. The eligibility letter identifies what is needed for an application to be ready for Loan Review Committee review. The completed applications will then be submitted to IRCLHAProgram Loan Review Committee (LRC) based on first application completed, first application submitted. After Loan Review Committee approval, staff will send a Loan Review Committee approval letter to the applicant and notify him that the loan/grant must be closed within 90 days. The Loan Review Committee approval letter specifies steps and documents needed prior to scheduling a loan closing. Mortgage document and promissory notes are then prepared, and a closing is scheduled. At the closing, the applicant signs all appropriate documents and then funds are expended as needed. 31