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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 />