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NOVEMBER 2001 DRAFT <br />loan. The maximum term of the loan will be five (5) years. The loan will be secured by <br />a deed of trust and promissory note. <br />%cf Media Area Income <br />m <br />1 Attorney under contract with Ems_ <br />d Ira tBato <br />l,fgligl R <br />.. <br />r <br />I <br />Loan committee <br />>80 %f <br />3% <br />>9n°6 <br />4% <br />>100% <br />67, <br />Applicants in this category could fall In the following configurations. <br />Over Income Homeowner <br />Over Income Tenant— Over Income Landlord <br />Loan Processing <br />As outlined above, applicants with incomes above 80 percent of the area median are <br />eligible for a low interest direct loan. Orange Coul Economic Development <br />Commission (EDC) will process and service the loans <br />• Upon receipt of a loan application, a loan review committee composed of the EDC <br />Director, the Housing and Community Development Director, and the Budget <br />Director will review the application and make recommendations to the County <br />Manager. The County Manager will have final decision authority on the loan <br />application. <br />EDC staff will relay the loan decision to the applicants and draft a commitment <br />• letter /rejection letter, as appropriate. Additional loan responsibilities will be handled <br />as follows: <br />Codeine <br />Pre are cloain documents <br />1 Attorney under contract with Ems_ <br />Coordinate and arrange loan closing <br />1 Attorney <br />Record cache of trust <br />AHOrney <br />Servicing <br />Pres"MrsoanYOrR for ides <br />EDC staff <br />Prepare month) bills) rocesa a menu <br />EDG staff <br />Prepare status reports for loan committee <br />EDC Staff <br />Prepare annual status reports for Board of <br />County Commissiomas <br />Loan committee <br />