§ 42-62. Loan selection, approval and servicing process.
(a)
The loan administrative committee will provide notice of the availability of the RLF program in a newspaper of general circulation setting forth the availability of the loan, the minimum qualifications, the purpose of the loan and the date by which applications must be received by the county. The committee will review and recommend approval of loans to the board, after:
(1)
Meeting and interviewing the applicants to gain an understanding of the project, its parameters, the principals, and the potential structure of the loan. The goals of this initial interview are to give the applicant specific information about the RLF Program, to determine the viability and feasibility of the proposed project, and to determine whether the proposed project meets goals of the RLF Program; and
(2)
Seeking, if necessary in the opinion of the committee, technical and management assistance from various federal, state and local government agencies, university centers, and other groups composed of persons familiar with the effective administration of the funding process. These agencies may provide sources of funding, development of market feasibility studies, conduct labor and resource surveys, make environmental impact assessments, and refer applicants to qualified advisors (such as bankers or accountants).
(b)
Applicants will submit an application as provided by the county housing and urban improvement department or the board's designee and such financial information and other documentation as required by the county within the time specified in the committee's notice.
(c)
No applicant may request a level of funding that exceeds the funds available on the date of the application.
(d)
The board may not agree to obligate funds that have not been received on the date of an application.
(e)
The applicant will also be required to enter into a participating party agreement in form and content required by DCA upon submission of the application for the loan.
(Ord. No. 93-69, § 6)