SEC. 66.7. LENDING CRITERIA.

   Applicants must satisfy the underwriting criteria set forth in the Program Regulations, including but not limited to, appropriate loan-to-value and debt service coverage ratios, reserve requirements, credit worthiness, scope of work, experience, and such other factors as the Director deems appropriate.

(Added by Ord. 270-18, File No. 180890, App. 11/9/2018, Eff. 12/10/2018)

SEC. 66.8. CONTRACTING REQUIREMENTS.

   Each Applicant must comply with all City contracting requirements, including but not limited to health insurance requirements, the Local Business Enterprise and Non-Discrimination in Contracting Program in Administrative Code Section 14B, and the First Source Hiring Program in Administrative Code Section 83. The Director shall ensure that the Program Regulations include compliance with City contracting requirements as a condition of receiving a Loan under the Program.

(Added by Ord. 270-18, File No. 180890, App. 11/9/2018, Eff. 12/10/2018)

SEC. 66.9. LOAN APPLICATION PROCESS.

   Application information and forms shall be made available by the Director and published on MOHCD’s website, or such other convenient location as may be determined by the Director. The Application package will indicate procedures for returning a completed Application, and the expected time frame for the processing thereof.

(Added by Ord. 270-18, File No. 180890, App. 11/9/2018, Eff. 12/10/2018)

SEC. 66.10. LOAN COMMITTEE DECISIONS.

   Subject to the limited exceptions set forth in the Program Regulations, all completed Applications shall be submitted to the Loan Committee for evaluation. Even if an Applicant meets all of the eligibility criteria in this Chapter 66, the Loan Committee may, in its discretion, choose not to approve any proposed Loan or choose to approve any Loan for less than the amount requested by the Applicant.

(Added by Ord. 270-18, File No. 180890, App. 11/9/2018, Eff. 12/10/2018)