I just got off the phone with the lender. Our grant application was rejected by the state because we make TOO MUCH money. It figures. We were kind of expecting it because of how this whole process has gone for us. Why on earth would it go our way for once?
I spoke with the processor last evening and she said that we'd know "first thing in the morning" and that either way, we should be ready to close by the end of this week as that's our last hurdle.
I'm not really sure what I'm feeling about this. On one hand, it's disappointing. On the other hand, we were expecting this, so I'm a little relieved to know that the review process is over and that we are really close to closing this time.
Apparently, the state rules state that we can't make more than a certain amount in a calendar year, so from January to December, yes? But the state rules also say that the review committee can interpret their rules however they want to, so rather than looking at what we made in 2009, they're going by our 2009-2010 contracts, and according to those numbers we make too much. Oy. Unfortunately, it's too late to apply for any other CPS grants as the bank isn't under their "preferred lenders" and it's too late to apply for them anyway. The city's broke as it is!
The lending agent said he was extremely sorry, and he sounded sorry. The last time I spoke with him he had that 'big man on campus' air about him and was almost making it out to sound like I was the one who was overreacting because there seemed to be no way that we wouldn't get this money. Um...oops? He said he feels like a "first class heel" and that he'll know for the future that teachers probably don't qualify for the money. THEN he told me that he's only had one--ONE--IHDA application get approved. Um...that's something I would have liked to have known say, BEFORE we went ahead with this garbage? Oh well.
We have less money to play with up front, which sucks, but we'll get our $8,000 eventually. I plan on sending in the paperwork for that tax credit ASAP after we close.
I'm kind of relieved that it's all over. We'll hear from them again today, hopefully in the evening, to find out when we're going to close and get everything squared away.