An application for community reinvestment assistance shall be made to the Department of Housing and Community Development, to the Department of Commerce, to an entity contributing to the Fund, or, if the Board allows, directly to the Fund. The Department of Housing and Community Development and the Department of Commerce may provide technical assistance in the underwriting or review of a loan for which an application has been submitted. The loan committee shall base its action on an application on the review of the application and recommendations made by one or more parties listed in subsection (a) of this section.