4505. CONDITIONAL APPROVAL OF APPLICATIONS

4505 CONDITIONAL APPROVAL OF APPLICATIONS 4505.1 DHCD shall approve applications based on the review and ranking requirements of §4504, and consistent with LAHDO Program funding availability. 4505.2 At the sole discretion of DHCD, highly ranked applications for which there is no current funding availability may be held by DHCD for later approval if additional funds become available or earlier approved projects are not proceeding on a timely basis. 4505.3 DHCD shall notify all applicants, in writing, of its final decision regarding application approval or disapproval. 4505.4 DHCD's initial approval of applications shall be in the form of a written conditional commitment letter to the applicant which shall establish conditions precedent to DHCD's acquisition of property and execution of a LAHDO Program Lease Agreement. SOURCE: Final Rulemaking published at 36 DCR 8507, 8517 (December 22, 1989).