(a) After the final determination as to which project sponsors will be offered assistance from the fund has been made pursuant to these regulations, the corporation will provide each selected project sponsor with a written confirmation as to the amount of financial assistance that has been reserved for the eligible project.

(b) Such confirmation letter may include the conditions that a project sponsor must meet before the corporation shall provide any assistance from the fund. If an applicant fails to take timely action to complete the application process, and commence receiving assistance from the fund within three years of the date of such confirmation letter, the confirmation letter will be withdrawn and no financial assistance will be made to the project sponsor pursuant thereto.

(c) If a project sponsor notifies the corporation that an eligible project for which a confirmation letter has been issued will not be constructed, or if a confirmation letter is withdrawn for any reason, the confirmation letter shall be deemed null and void and the unused loan capacity redirected for a future funding period.