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In the event property is acquired for rehabilitation and resale without identifying a <br />prospective homebuyer, the non-profit sponsor must agree to identify a qualified buyer <br />and complete the sell of the property to the homebuyer within one hundred twenty days <br />(120) days of the date of acquisition of the property. <br />Submission Re~uirements <br />No facsimiles of submitted documentation will be accepted. To receive preliminary <br />commitment, the following information must be submitted in original form. <br />1. A detailed description of the loan fund request; <br />2. Certification that the buyer meets all eligibility criteria; <br />3. Evidence that primary financing has been obtained by the homebuyer; <br />4. Results of the initial building assessment; <br />5. Statement of property value; and <br />6. If applicable, a Development Budget identifying the sources and use of all funds in the <br />project. <br />Upon receipt and favorable review of these documents, the County will begin the environmental <br />review process and request the review appraisal at this time. The sponsor will be ttotified that <br />this process has begun and will be given an estimated time of completion. <br />Once this process is complete and the County has determined that the project is eligible for loan <br />funding, the County may issue a preliminary commitrnent with final commitment issued upon <br />receipt and review of the all of the items identified above under the Submission requirements. <br />In the event that the project is determined to be non-feasible, the sponsor will be notified in <br />writing with the reasons for the deternunation. <br />Original: August 1997 <br />Revised: January 2000 <br />Approved: April 11, 2000 <br />cmmrevgd.doc <br />04/11/00 <br />