HAR §15-312-12. Process and procedures

(a) Eligible project loan applications and eligible project loan servicing agreement applications shall be available at the principal office of the corporation. (b) In order for a qualified sponsor to submit an eligible project loan application, the qualified sponsor shall also submit an eligible project loan servicing agreement application or evidence satisfactory to the corporation or other servicing arrangements and evidence that the eligible project has received a conditional commitment or site appraisal and marketing analysis letter from the Federal Housing Administration or similar commitment documents from other insuring or guaranteeing agencies of the federal government or other evidence that the eligible project loan meets the requirements specified in the procedural handbook by the corporation for eligible project loans not insured or guaranteed by the federal government. (c) After receipt of eligible project loan applications and other documents required in subsection (b), the corporation shall, subject to terms and conditions as described in the procedural handbook, issue its commitment letter to the qualified sponsor. (d) The corporation shall establish such restrictions, as deemed necessary, on the annual return to the qualified sponsor, as described in the: (1) Commitment letter; (2) Eligible project loan servicing agreement; and (3) Procedural handbook. comp JAN 1 5 ?022 ] (Imp: HRS §§201H-102, 201H-106) 312-10 [Eff 4/23/2010; (Auth: HRS §201H-97) 201H-104, 201H-105, $15-312-12