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ROSEVILLE MULTI-FAMILY RENTAL PROGRAM <br />OTHER GENERAL CONDITIONS AND PROCEDURES <br />Rehabilitation Consultinq: HRC consultants will be available to borrowers to advise them about <br />proposed projects prior to obtaining bids and will be available to review bids for reasonableness. <br />Loan Costs: The property owner is responsible for paying the credit report fees, title fee, HQS <br />inspection, energy audit fee and Ramsey County filing and registration fees. <br />Applications for Fundinq: Applications will be accepted by HRC on an on going basis and <br />processed on a first-come, first-served basis, as funds are available until all program funds are <br />committed. <br />Contractors & Permits: Contractors must be properly licensed by the City of Roseville and/or State <br />of Minnesota when required. Permits must be obtained when required by city code <br />Work Completion: Weather permitting, all work must be, completed within 9 months of the loan <br />closing. <br />Total Proiect Cost: It is the borrower's responsibility to obtain the amount of funds necessary to <br />finance the entire cost of the work. If the final cost exceeds the loan amount, the borrower must <br />provide the additional funds and provide documentation of the source of funds. HRC can direct <br />borrowers to additional financing sources. <br />Escrow of Funds: Program loan funds will be escrowed with GMHC until payment is made for <br />completed work. <br />Disbursement Process: Payment to the contractor 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. The <br />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. Completion Certificate signed by each contractor and the borrower. <br />4. Permits Closed Have the inspector sign the permit card, or have the <br />inspector leave a message at the HRC (651) 486-7401. <br />5. Final Inspection and approval by the HRC. The above items must be provided to HRC <br />to begin the preparation of the check(s). Lien waivers must be provided before the funds <br />will be released. <br />Checks for payment may take up to 10 business days after receipt of the above items. Checks to <br />contractors must be countersigned by the borrower. Payments will only be made for work completed <br />and approved. <br />F:\Comu�on\S uburb�n\Rosevill e\Renlal Rel�ab\ProgramGui delii�es <br />GMHC Feb 17, 2009 <br />