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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 />b. ® Mortgage/Subordinated ® Mortgage <br />Documentation <br />All documentation relating to the ® mortgage <br />and/or subordination of the ® 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 />7. 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 />a. Compliance Review Activities <br />All housing units assisted by the IRCLHAProgram <br />shall be subject to the following monitoring <br />activities to determine compliance with the <br />requirements of IRCLHAProgram and Strategies as <br />appropriate: <br />42 <br />