Current through Register Vol. 54, No. 25, June 22, 2024
Section 31.305 - Borrower application process(a) An individual may submit an application to the Agency or to an LPA acting on the Agency's behalf on the form required by the Agency which includes: (1) The borrower's name and address(2) The identity of the approved contractor who will complete the energy efficiency project.(3) A description of the energy efficiency project and estimate of cost.(4) The amount of the loan sought.(5) A statement authorizing the Agency to conduct a credit history check.(6) Other information required by the Agency.(b) The Agency or its LPA will review the application to determine if the following requirements are met: (1) The project is eligible for financing under this program.(2) The borrower is eligible to receive a loan under this program.(3) The value of the proposed collateral and the financial resources of the borrower are sufficient to repay the loan.(4) The statement of the estimated cost of the project is accurate and reasonable.(5) The borrower complied with all other criteria as established by the Agency.(6) The work will be performed by an approved contractor.(c) Once the application is deemed complete, the Agency or its LPA may approve it. The Agency will have complete discretion in determining whether a proposed energy efficiency project is eligible for a loan.