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DRJA, 20 <br /> 7. Total Project Cost: It is the borrower's responsibility to obtain the amount of funds necessary <br /> to finance the entire cost of the work. If the final cost'exceeds the loan amount. the borrower <br /> must obtain the additional funds. HRC can direct borrowers to additional financing sources. <br /> 8. Custody.of Funds: Loan funds will remain in the custody of HRC until payment for <br /> completed work. <br /> 9. Disbursement Process: <br /> a. Payment to the contractor (or owner) will be made after completion of the work. An <br /> inspection will be performed by the City and/or HRC to verify the completion of the work. <br /> b. The following items must be received before the funds can be released: <br /> 1.) Final Invoice from each contractor showing all amounts paid and due. <br /> 2.) Lien Waiver. Original from each contractor. <br /> 3.) Material Receipts for sweat equity projects. <br /> 4.) Completion Certificate signed by each contractor and the borrower. <br /> 5.) Permits Closed. Have the inspector sign the permit card, or have the <br /> inspector leave a message at the HousingResource Center, (651) 486-7401. <br /> 6.) Final Inspection and approval by the Resource Center. The above items.must be <br /> provided to HRC to begin the preparation of the check(s). Lien waivers must be <br /> provided before the funds will be released. <br /> Payment checks may take up to 10 business days after the above items are received:to <br /> prepare. Payment checks to contractors must be countersigned by the borrower. A maximum <br /> of two draws will be allowed per loan. Payments will only be made for work completed and <br /> approved. <br /> For additional information: <br /> HousingResource Center <br /> 909 Main ST. NE <br /> Minneapolis, MN 55413 <br /> 3 <br /> FACommon\Suburban\St. Anthony\Revolving Loan\Revolving R.V.Pack\R.V.Guidelines-Revolve.doc 9/9/02 SW <br />