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2. If you answered YES to any of the questions in the above table, please clearly describe what is needed and why, the timeline, and additional steps necessary or planned. For funding sources contributing to the project, complete the attached Table 1 - Funding Sources Summary. <br />3. Describe why ERF funding is needed. <br /> <br />ERF funding will allow the Proerty to be environmentally remediated and be repositioned <br />to serve the community by providing quality new-construction housing at reasonable <br />rental rates. By managing project costs, and seeking ERF funding to offset costs, we can <br />offer lower rents. <br /> <br />Development and construction during this economic cycle is challenging, we are facing <br />material availability issues, raw material cost increases and interest rate pressure -all of <br />which drive up our project costs. <br />4. Describe the effect on the project if ERF funds are not awarded. Without ERF funds, the project costs will increase which will in turn increase rents charged to residents and could delay the project. <br />5. Complete the attached Table 2 - Project Budget Summary. <br /> <br />