(1) An application must be submitted.
(2) At the time the application is submitted, an applicant must also submit:
(a) a description of the efforts made by the applicant to coordinate the loan with other housing assistance programs administered by the board, the federal government, state agencies, tribal government, local public housing authorities, local governments, and private entities;
(b) an explanation of how the loan will not supplant existing or available funding for the project; and
(c) a maximum fee of 1% of the requested loan amount, which may be adjusted based on project details by board staff.
(3) Applications will be reviewed by staff designated by the board and presented to the board for consideration as soon as the review is completed, but not later than 90 days following receipt of a complete application by the board.
(4) Applications that are substantially incomplete as determined by the board staff shall not be processed but will be returned to the applicant.
History: Ch. 460, Sec. 1, L. 2019; IMP, Ch. 460, Sec. 1, L. 2019; NEW, 2019 MAR p. 1631, Eff. 9/21/19.