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mortgages funded under this program must give a first right of refusal to eligible nonprofit organizations for purchase at the current market value for continued occupancy by eligible persons. O. Administrative Budget: Chapter 67-37.005(6)03, F.A.C. A detailed Administrative Budget, including a line -item budget of proposed Administrative Expenditures, is attached as Exhibit A. These are presented on an annual basis for each state fiscal year submitted. Indian River County commits to using the funds deposited in the local housing assistance trust fund to administer and implement the local housing assistance plan. In accordance with Chapter 67-37, Florida Administrative Code, the cost of administering the plan does not exceed 10 percent of the local housing distribution funds and 5 percent of program income deposited into the trust fund. The cost of administering Indian River County's program may not exceed 10 percent of the local housing distribution plus 5 percent of program income deposited into the trust fund. The county has adopted the above findings in the attached resolution, Exhibit E. P. 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 IRCLHAPIan is not permitted. 2. Application Processing Applications submitted by eligible persons for participation in the IRCLHAProgram shall be reviewed by staff members of the SHIP Office or separate third party under contract to conduct application reviews for the IRCLHAProgram. A maximum of one hundred eighty (180) 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 and available funding. Applications will be approved based on first application completed, first application reviewed by the county loan review committee.