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a. Disqualified applicants shall be informed of the <br /> areas causing denial of the submitted application and be <br /> encouraged to correct the reasons for denial if possible <br /> and then reapply. <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 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 /> ii. 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 /> iii. 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 /> 46 <br />