Sec.8-218c-20. Application process

(a) The Commissioner may solicit and/or accept applications for financial assistance for housing developments from developers.

(b) Applications shall be approved or disapproved by the Commissioner based on but not limited to the following:

(1) Evidence of the developer's eligibility as defined in Section 8-218c-19 of these regulations;

(2) Housing need and marketability;

(3) Any needs outlined in the Five Year Housing Advisory Plan;

(4) Commitment for funding from other sources, if applicable;

(5) Evidence of the developer's ability to establish and administer a loan fund, if applicable;

(6) The apparent capability of the developer to plan complete and manage the housing development; and

(7) Financial information on projected expenses.

(c) If an application is disapproved, the developer shall be notified in writing of the reasons for the disapproval.

(d) If an application is approved, the Commissioner shall notify the developer, in writing, that the housing development may proceed and inform the developer of the terms and conditions of the contract(s) for the state financial assistance to be entered into with the developer.

(Effective November 30, 1990)