| (a) Application forms. An applicant or participating
lender seeking a commitment from the Authority must use the application
forms provided by the Authority and the Department.
(b) Submission of a qualified application. Applicants
are required to submit the application material to Department staff
for presentation to the board.
(c) Staff Review. Staff will review all applications
per evaluation criteria included in §28.77 of this subchapter
(relating to Evaluation Criteria).
(d) Board review. Staff will submit a report and recommendation
on each qualified application to the board as defined by the Credit
Policy and Procedures. The board may, in its discretion, recommend
the imposition of additional conditions and requirements in the approval
of an eligible application.
(e) Notification of approval. Upon conditional approval
of the qualified application by the board, staff will notify the applicant
or lender in writing identifying the terms and conditions of the commitment
provided.
(f) Denial of eligible application. If the eligible
application is denied by the board, staff will notify the applicant
in writing identifying the reasons for denial. Applicants who have
been denied may re-apply to the program.
(g) Reporting to the board. Staff shall report to the
board at each board meeting the status of all outstanding loans.
|
