Laserfiche WebLink
i. For new unconstructed housing units: The <br />funds awarded for construction of a new <br />housing unit shall be transferred or dispersed <br />to the financial institution providing the <br />construction loan for the housing unit for <br />inclusion in the construction guarantee pool. <br />lie For existing or new constructed housing units: <br />a satisfactory housing code inspection or <br />Certificate of occupancy, as appropriate, <br />shall be obtained prior to transfer or <br />dispersal of the funds awarded via the <br />IRCLHAProgram. <br />lie For rehabilitated housing units: a <br />satisfactory final inspection and satisfactory <br />housing code inspection shall be obtained <br />prior to transfer or dispersal of the funds <br />awarded via the IRCLHAProgram. <br />b. First Mortgage/Subordinated First Mortgage <br />Documentation <br />All documentation relating to the first mortgage <br />and/or subordination of the first mortgage which <br />serves as the eligible recipient's contractual <br />commitment to comply with the requirements of the <br />IRCLHAProgram shall be completed and the mortgage <br />document(s) prepared for filing in the public <br />record. Preparation of the mortgage document(s) <br />shall comply with all Federal, State, and Local <br />regulations. <br />The mortgage documentation shall specify the <br />IRCLHAProgram Strategy assisting in the provision <br />of the housing unit, the amount of the funding <br />award for the unit, the applicable interest rate <br />for the funding award, the commencement and <br />termination dates for the unit's required <br />affordability classification timeframe and unit <br />resale requirements as applicable. <br />IRCLHAProgram Compliance Monitoring <br />All housing units shall be monitored for compliance with <br />the requirements of the IRCLHAProgram and Strategies as <br />follows: <br />All housing <br />units <br />assisted by the IRCLHAProgram <br />a. Compliance <br />Review <br />Activities <br />to the following <br />All housing <br />units <br />assisted by the IRCLHAProgram <br />shall be subject <br />to the following <br />monitoring <br />