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Processing
The Project Application
The CRDA reviews
requests for funding on a continuous basis.
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| 1. |
Funding
requests are submitted to the appropriate CRDA Project Review Committee.
The Committee reviews these requests for program requirements, priority
eligibility, need, and compliance with the Statute. |
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| 2. |
If
the Project Review Committee finds that a project is eligible for
funding, it will recommend approval by the full CRDA Board.
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| 3. |
The
full CRDA Board provides three separate approvals for funding. |
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I. |
The first approval
is for Preliminary Determination of Eligibility. Prior to the second
approval, the following activities must take place:
- A Public
Hearing in the municipality where the Project will be located.
- Project underwriting
evaluations.
- Project bond
rating.
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II. |
The
second approval is for Project Approval. |
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III. |
The
final approval is the approval of a Fund Reservation. |
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| 4.
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Should
the Project Review Committee find a project ineligible, the applicant
will be notified by the CRDA. |
