Sec. 05.05.01.19. Application Submission

A. Applications for income-restricted projects shall be accepted:

(1) In one or more competitive rounds to be announced by the Department annually in accordance with the procedures established in Regulation .20 of this chapter; and

(2) At any time, subject to availability of funding for:

(a) Projects requesting financing from the Department’s Multifamily Bond Program; or

(b) Pilot programs or other special initiatives in accordance with processing procedures established by the Department.

B. Applications for office and commercial space conversion projects shall be accepted in accordance with processing procedures established by the Department and shall be submitted by the political subdivision in which the project is located. If the project is located in a municipal corporation, the application shall be submitted by the municipal corporation, not the surrounding county.

C. Forms. Applications shall be made upon standard forms prescribed by the Department.

D. Documentation. Applications shall be accompanied by all documentation in the form and containing the information specified by the application procedures adopted by the Department, which may vary depending on the type of loan.

E. Fees and Charges.

(1) Amounts and time of payment of application fees, administration fees, financing fees, closing fees, and other fees as may be required by the Department shall be as provided in a fee schedule set forth in the Program Guide, or as otherwise provided by the Department.

(2) The Department may charge sponsors for the following items, if initially paid for by the Department:

(a) Market studies;

(b) Construction cost estimates;

(c) Recording fees and recording taxes or other charges incidental to recordation;

(d) Survey;

(e) Appraisal;

(f) Title examination and title insurance; and

(g) Investment fees.

(3) The Department may charge penalties to applicants, lenders, servicers, sponsors, or other individuals or entities that participate in the Program. The Department may restrict the fees and charges that servicers, political subdivisions, or other Program participants obtain from sponsors.

(4) Fees and charges referenced in this regulation may be financed by the Program loan.