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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 />Custody of Funds: Loan funds will remain in the custody of HRC until payment for <br />completed work. <br />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, (612)378-7985. <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. Payments <br />will only be made for work completed and approved. <br />For additional information: <br />HousingResource Center <br />909 Main ST. NE <br />Minneapolis, MN 55413 <br />612-378-7985 <br />3 <br />FACommon\Suburban\St. Anthony\Revolving Loan\Revolving R.V. Pack\R.V.Guidelines-Revolve.doc 10/30/07 SW <br />