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30 6. Total Project Cost: It is the borrower's responsibility to obtain the amount of funds necessary to finance the entire cost of the work. If the final cost exceeds the loan amount, the borrower must obtain the additional funds. HRC can direct borrowers to additional financing sources. The additional funds needed to complete the project must either be escrowed with the Greater Metropolitan Housing Corporation (GMHC) or the funds must be paid into the proiect before loan funds are expended. 7. Custody of Funds: Loan funds will remain in the custody of HRC until payment for completed work. 8. Disbursement Process: a. Payment to the contractor (or owner) will be made after completion of the work. An inspection will be performed by the City and/or HRC to verify the completion of the work. b. The following items must be received before the funds can be released: 1.) Final Invoice from each contractor showing all amounts paid and due. 2.) Lien Waiver. Original from each contractor. 3.) Material Receipts for sweat equity projects. 4.) Completion Certificate signed by each contractor and the borrower. 5.) Permits Closed. Have the inspector sign the permit card, or have the inspector leave a message at the HousingResource Center, (612)378-7985. 6.) Final Inspection and approval by the Resource Center. The above items must be provided to HRC to begin the preparation of the check(s). Lien waivers must be provided before the funds will be released. Payment checks may take up to 10 business days after the above items are received to prepare. Payment checks to contractors must be countersigned by the borrower. Payments will only be made for work completed and approved. For additional information: Greater Metropolitan Housing Corporation HousingResource Center - North 214844 th Ave N Minneapolis, MN 55412 612-588-3033 FXouncil Meetings120121031320121Revised St Anthony Revolving Guidelines.dgx Rev. 2 -28-12