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Asset Verification <br />Total assets of eligible persons applying to <br />purchase a housing unit under, or occupy a housing <br />unit assisted by, the IRCLHAProgram shall not <br />exceed forty-five thousand dollars (;45,000.00) or <br />fifty percent (508) of the value of the <br />purchase/sale price of the housing unit, whichever <br />is greater. Pensions or other similar public or <br />private deferred compensation funds which may not <br />be converted to be available as cash funds, with or <br />without incurring a financial penalty for early <br />withdrawal of such funds, shall be excluded from <br />consideration as a financial asset. <br />d. Mortgage/Rent Verification <br />The amount of monthly housing expenses paid by <br />eligible persons for owner occupied or rental <br />housing units assisted by the IRCLHAProgram shall <br />be considered affordable as defined in Rule 91- <br />37.002, FAC. <br />Credit Verification <br />Eligible persons receiving assistance from the <br />IRCLHAProgram shall maintain a valid, satisfactory <br />credit rating for a minimum of one (1) year prior <br />to receiving any application approval for <br />participation in the IRCLHAProgram. <br />f. Homebuyer Status <br />Eligible persons utilizing assistance from the <br />IRCLHAProgram to purchase a new or existing housing <br />unit shall not have owned or held title to a <br />housing unit anytime within the three (3) year <br />period prior to receiving any application approval <br />for participation in the IRCLHAProgram. <br />5. Application Review <br />Applications shall be reviewed by Community Development <br />Department staff or the third party entity identified by <br />contract to conduct application review activities for <br />compliance with the criteria listed in the previous <br />section. Those applications not satisfying the review <br />criteria shall be classified as disqualified. <br />Applications satisfying the review criteria shall be <br />forwarded to the IRCLHAProgram Review Committee <br />(IRCLHAPRC) for final review and approval of the <br />application. <br />40 <br />