- (a) Presentation to board. The executive administrator shall present the application to the board after completing the review pursuant to §371.39 of this title (relating to Review of Applications by Executive Administrator), and shall include comments concerning the best method of making financial assistance available. Upon the executive administrator's finding that the application is complete and in order for board review, the application shall be placed on the following month's agenda for board consideration. The applicant and other interested parties known to the board shall be notified of the time and place of such meeting. Evidence and arguments both for and against the granting of the application may be heard at such meeting.
- (b) Action by board. At the conclusion of the meeting to consider the project, the board may resolve to approve, disapprove, amend, or continue consideration of the application. The board shall approve an application only if the board finds that in its opinion the revenue or taxes or both revenue and taxes pledged by the applicant will be sufficient to meet all obligations assumed by the applicant and that the application and assistance applied for meet the requirements of the federal act and state law.
- (c) Closing date. If the board approves an application for assistance under this chapter, the applicant must close the loan within 24 calendar months after the month in which the board approved the application.
(d) Extension of closing date. A closing date may be extended if:
- (1) the applicant submits a written request to extend the closing date identifying a new closing date and a reasonable basis to extend the closing date; and
- (2) the board approves an extended closing date by resolution.
Source Note:The provisions of this §371.51 adopted to be effective March 18, 1997, 22 TexReg 2502; amended to be effective April 4, 2005, 30 TexReg 1955.