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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 Requirements <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 notified 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 commitment 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 determination. <br /> Original: August 1997 <br /> Revised: January 2000 <br /> Approved: April 11, 2000 <br /> 5 cmmrevgd.doc <br /> 04/11/00 <br />