| (a) Upon receipt of the application, staff shall review the application and determine: (1) the current availability of funds under the program; (2) the completeness of the application; (3) the eligibility of the applicant and the lender; (4) the qualified use of proceeds; and (5) compliance with the statute and rules. (b) The staff shall notify the lender of any deficiencies in the application within ten business days after receipt of the application. The applicant and the lender may amend the application to comply with the Authority's comments or withdraw the application. (c) The board will approve or deny any and all applications under this chapter, provided that the board may delegate such authority to the commissioner and/or the deputy commissioner. (d) The staff shall retain a copy of the application and forward a duplicate copy of the application with the Authority's recommendation to the comptroller. |
