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6. Transfer/Dispersal of Funds for Housing Units <br />Prior to the actual transfer or dispersal of funds from <br />the Indian River County Local Housing Assistance Trust <br />Fund, the following activities and documentation shall be <br />completed: <br />a. Housing Unit Inspection/Certificate of Occupancy <br />All eligible housing units shall receive <br />satisfactory approval for occupancy via one of the <br />following methods: <br />i. For new unconstructed housing units: The funds <br />awarded for construction of a new housing unit <br />may be transferred or dispersed to the <br />financial institution providing the <br />construction loan for the housing unit for <br />inclusion in the construction guarantee pool. <br />ii. For existing or new constructed housing units: <br />the financial institution providing the first <br />mortgage must be satisfied that there is not <br />any recorded building code violation prior to <br />transfer or dispersal of the funds awarded via <br />the IRCLHAProgram. _ <br />iii. For rehabilitated housing units: a <br />satisfactory final building code inspection <br />shall be obtained prior. to transfer or <br />dispersal of the funds awarded via the <br />IRCLHAProgram. <br />b. Mortgage/Subordinated Mortgage Documentation <br />All documentation relating to the mortgage and/or <br />subordination of the mortgage which serves as the <br />eligible recipient's contractual commitment to <br />comply with the requirements of the IRCLHAProgram <br />shall be completed and the mortgage document(s) <br />prepared for filing in the public record. <br />Preparation of the mortgage document(s) shall <br />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 commencement and <br />termination dates for the unit's required <br />affordability classification timeframe and unit <br />resale requirements as applicable. <br />In cases where the SHIP loan/grant recipient passes <br />away, if the recipient's child (beneficiary) who <br />-4. <br />