- (a) Projects selected for financing shall receive a written conditional commitment of program funds. The commitment will identify all conditions related to the funding award. The agency shall charge a commitment fee not to exceed one percent of the program loan amount.
- (b) After written commitments for all other project financing have been obtained, the applicant will receive a firm commitment of program funds. The firm commitment will identify the timeframe for starting and completing the project.
- (c) When the agency is unable to approve an application for financing, it will notify the applicant in writing and specify the reason for the denial of funding.
History Note: Authority G.S. 122A‑5; 122A‑5.1; 122E‑4; 122E‑5; 122E‑8;
Eff. February 1, 1993;
Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. September 23, 2017.