APPLICATION PROCESS

Subpart 1. With prequalification. Applicants who intend to apply as prequalified receivers must follow the procedures in items A to E: A. become prequalified as an eligible receiver according to the selection criteria in part 4900.2902 , subparts 3 and 4, for a specified line of credit amount subject to fund availability and court appointment; B. submit to the agency a project approval application that includes information on scope of work, estimate of funds needed, and evidence that funding needed for repairs has been secured; C. the project must be approved by the agency according to the selection criteria under part 4900.2902 , subpart 3; D. submit a court order; and E. complete and submit a loan commitment agreement to the agency. Subp. 2. Without prequalification. Applicants who do not intend to apply as prequalified receivers must follow the procedures in items A to E: A. submit a loan application; B. submit to the agency a project approval application that includes information on scope of work, estimate of funds needed, and evidence that funding needed for repairs has been secured; C. the project and receiver must be approved by the agency according to the selection criteria under part 4900.2902 ; D. submit a court order; and E. complete and submit a loan commitment agreement to the agency.