(b) This requirement includes meeting the following conditions, at a minimum, prior to fund disbursement:

1. (1)

   1. (A) All Arkansas Housing Trust Fund recipients will be required to execute an Arkansas Housing Trust Fund Agreement drafted by the authority’s staff.
   2. (B) The agreement, when executed by all parties, will:

(i) Serve as the commitment of Arkansas Housing Trust Fund funds by the authority; and

1. (ii) Outline all applicable requirements to be accomplished by the Arkansas Housing Trust Fund recipient;
2. (2) Satisfactory execution of the Arkansas Housing Trust Fund agreement, closing documents, and filing of the applicable documents, as required, including the filing of a mortgage and note in favor of the authority for the full amount of Arkansas Housing Trust Fund resources allocated as loans;
3. (3) A preconstruction or preimplementation conference is conducted with the recipient and the authority’s representatives present;

4. (4)

   1. (A) The authority will issue one (1) written Notice to Proceed applicable to all authority housing programs approved for the Arkansas Housing Trust Fund-assisted activity.
   2. (B) It is imperative the recipient does not begin the project or activity until the written Notice to Proceed is issued by the authority and received by the recipient; and
5. (5) For all activities involving construction, rehabilitation, land acquisition, or infrastructure, the recipient must complete and the authority must approve the appropriate United States Department of Housing and Urban Development environmental review process.