94- 457 C.M.R. ch. 320, § 4

Current through 2024-51, December 18, 2024

Section 457-320-4 - Application Procedure and Content

A. The Authority shall solicit applications for disbursements from the fund. All applicants seeking consideration must have submitted a complete application on or before April 1, 2003.

B. Each applicant shall submit an application to the Chief Executive Officer on such forms and with such attachments as the Chief Executive Officer may require. The application must include:

1 A completed Bureau Form 801 (Assessor's Notification) for 2001 and 2002, including:

i. A copy of the tax bill received for 2001 and 2002; and

ii. Proof of payment of the taxes claimed.

2 Complete financial statements of the applicant, including:

i. A monthly statement of cash flows for the period January 1 through September 30, 2003.

ii. A balance sheet through the end of the most recent quarter for the current year and for each of the two most recent year ends of the applicant;

iii. An income statement for the end of the most recent quarter for the current year and for each of the two most recent year ends of the applicant;

iv. Federal income tax returns of the applicant for the three most recent tax years;

v. Personal financial statements and personal tax returns for the two most recent years of all general partners, shareholders, members or other principals of the applicant with 20% or more ownership interest;

vi. All general information requested on the Authority's application form; and

vii. Such other information as the Authority may request to assess an individual applicant's situation.

3 Evidence that the Authority will be able to obtain a first priority lien on the BETR reimbursement; and

4 The borrower's consent to making the BETR reimbursement check co-payable to the Authority.

C. The Chief Executive Officer will review each application for completeness and eligibility. Applications that are not substantially complete may be deemed not received until completed. The Chief Executive Officer shall determine when an application is received, which determination shall be final.

D. The Authority will approve or deny applications from eligible borrowers based on the following:

1 The relative financial hardship of the borrower to the financial hardship of the other eligible borrowers.

2 The adequacy of security offered as collateral.

3 A borrower's ability to repay the loan based on financial status and collateral offered, as determined by the Authority.

4 The availability of funds.

E. The Authority will issue a commitment for financing to all approved applicants for which there are sufficient funds to complete the loan.

94- 457 C.M.R. ch. 320, § 4