(1) The department shall notify the issuing authority in writing of the amount allocated or not allocated from the statewide balance to the proposed project. (2) The notification shall: (a) Be of such format as determined by the department and as conforms to the code; (b) Specify the amount of bonds that the issuing authority may issue based upon an allocation from the statewide balance; (c) Specify the commencement date and the expiration date of the statewide balance award period; and (d) Be mailed to the issuing authority and the legal counsel specified in the application at the address specified in the application. (3) Any allocation of the statewide balance shall be valid only until the expiration of the statewide balance award period unless the bonds are issued and delivered or a mortgage credit certificate election is made within the statewide balance award period, in which event, the allocation shall be subtracted from the statewide balance on the date of the issuance and delivery of the bonds or the date of the mortgage credit certificate election. If no bonds are issued or if no mortgage credit certificate election is made before the expiration of the statewide balance award period, the allocation from the statewide balance shall be relinquished to the statewide balance.
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