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a. Disqualified applicants shall be informed of the areas <br />causing denial of the submitted application and be <br />encouraged to correct the reasons for denial if possible. <br />Disqualified applicants may reapply for participation in <br />the IRCLHAProgram; however, a minimum of thirty (30) <br />working days following issuance of a denial notice must <br />pass prior to submission of a new application. <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 <br />obtain a committed contract for purchase or committed <br />contract for rehabilitation and repair work to maintain <br />the Notice of Commitment beyond the ninety <br />(90) day maximum. Obtaining a committed contract for <br />purchase or rehabilitation and repair work shall <br />constitute formal encumbrance of the funds. The date of <br />execution of the committed contract shall serve as the <br />date of formal encumbrance as referenced in Section <br />III.D.2. of this Plan. <br />If a committed contract for purchase or rehabilitation is <br />not obtained by the applicant prior to expiration of the <br />Notice of Commitment, the applicant must recommence the <br />application process; however, a minimum of thirty (30) <br />working days following the expiration of the Notice of <br />Commitment must pass prior to submission of a new <br />application. <br />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 />41 <br />