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Fa <br />MR <br />4. <br />Application Periods <br />Applications for participation in the IRCLHAProgram will <br />be accepted on a year round basis. Advertisements and <br />notices to promote the IRCLHAProgram shall include <br />application information for the IRCLHAProgram, and <br />production of the advertisements and notices shall <br />constitute a part of the administrative application <br />preparation and review processing activities. <br />Funds from the IRCLHATF shall be allocated for <br />encumbrance on a first application complete, first <br />application served basis as applicants are approved and <br />qualified for participation in the program. <br />No anticipated funds for future commencing fiscal years <br />shall be encumbered. Furthermore, the encumbrance of <br />funds in a manner which would not comply with the <br />requirements of the IRCLHAProgram and the IRCLHAPlan is <br />not permitted. <br />Application Processing <br />Applications submitted by eligible sponsors or persons <br />for participation in the IRCLHAProgram shall be reviewed <br />by staff members of the Community Development Department <br />or separate third party under contract to conduct <br />application reviews for the IRCLHAProgram. <br />A maximum of thirty (30) working days may be utilized for <br />review of any submitted application, however, reviews may <br />exceed this period pending the receipt of information or <br />documentation required to complete the evaluation of the <br />application. Applications will be processed based on <br />first application completed, first application reviewed <br />by the county loan review committee. <br />IRCLHAProgram Applicant Criteria <br />Eligible persons or sponsors applying for participation <br />in the IRCLHAProgram shall comply with the following <br />requirements: <br />a. Income Level <br />All applicants shall be classified as very low-, <br />low-, or moderate -income persons; however, in cases <br />where the applicant is an eligible sponsor but not <br />an eligible person, the assisted housing unit must <br />be occupied by persons classified as very low-, or <br />low-income persons. <br />39 <br />