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t_ <br />b. Applicants approved for participation in the <br />IRCLHAProgram shall be issued a Notice of Commitment <br />indicating that the applicant has qualified for <br />participation in the IRCLHAProgram; this notice shall <br />also indicate the award type and the amount of the award. <br />The Notice of Commitment shall be valid for a maximum of <br />Ninety (90) working days. The applicant must obtain a <br />written extension letter to maintain the Notice of <br />Commitment beyond the ninety (90) day maximum. <br />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 <br />funds awarded for construction of a new <br />housing unit may 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 />ii. For existing or new constructed housing units: <br />a satisfactory building 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 />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 />44 <br />