(a) Application forms. An applicant or participating lender seeking a commitment from the Authority must use the application forms provided by the Authority and the Department.
(b) Submission of a qualified application. Applicants are required to submit the application material to Department staff for presentation to the board.
(c) Staff Review. Staff will review all applications per evaluation criteria included in §28.77 of this subchapter (relating to Evaluation Criteria).
(d) Board review. Staff will submit a report and recommendation on each qualified application to the board as defined by the Credit Policy and Procedures. The board may, in its discretion, recommend the imposition of additional conditions and requirements in the approval of an eligible application.
(e) Notification of approval. Upon conditional approval of the qualified application by the board, staff will notify the applicant or lender in writing identifying the terms and conditions of the commitment provided.
(f) Denial of eligible application. If the eligible application is denied by the board, staff will notify the applicant in writing identifying the reasons for denial. Applicants who have been denied may re-apply to the program.
(g) Reporting to the board. Staff shall report to the board at each board meeting the status of all outstanding loans.

Source Note: The provisions of this §28.76 adopted to be effective May 18, 2022, 47 TexReg 2856