Board approves redline changes to façade program application process and fees

Speaker 2 introduced redline edits to the façade application packet aimed at clarifying applicant identification, financial documentation requirements and adding fees to cover application processing. The packet language as read in the meeting included a small upfront nonrefundable application fee and a separate commitment/origination fee equal to 1% of the loan amount; board members discussed the need for two years of financials to establish trends for applicants and clarifications to who is the applicant when an ownership structure exists.