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2005-07-19_Agenda
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2005-07-19_Agenda
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Commission/Committee
Commission/Authority Name
Housing Redevelopment Authority
Commission/Committee - Document Type
Agenda/Packet
Commission/Committee - Meeting Date
7/19/2005
Commission/Committee - Meeting Type
Regular
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DRAFT <br />Detailed Applications: <br />4. (including the following) must be submitted to HRC: <br />a. A completed application form, including a work item and a cost estimate; <br />b. A copy of applicant’s most recent property tax statement; <br />c. A copy of the applicant’s most current federal income tax return form; <br />d. A copy of mortgage and /or original deed; and <br />e. A signed “Data Privacy Notice and Income Verification Release” (provided by <br />HRC). <br />Contractors & Permits <br />5.: Contractors must be properly licensed by the state of Minnesota <br />when required. Permits must be obtained when required by city code. <br />Work Completion <br />6.: Weather permitting, all work must be completed within 120 days of the <br />loan closing. <br />Total Project Cost <br />7.: 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 <br />8.: Loan funds will remain in the custody of HRC until payment for <br />completed work. <br />Disbursement Process <br />9.: <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 />Final Invoice <br />1.) from each contractor showing all amounts paid and due. <br />Lien Waiver. <br />2.) Original from each contractor. <br />Material Receipts <br />3.) for sweat equity projects. <br />Completion Certificate <br />4.) signed by each contractor and the borrower. <br />Permits Closed <br />5.). Have the inspector sign the permit card, or have the <br />inspector leave a message at the HousingResource Center, (651) 486-7401. <br />Final Inspection <br />6.)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, contact: <br />HousingCenter <br />Resource <br />1170 Lepak Court <br />Shoreview, Minnesota 55126 <br />(651) 486-7401 <br /> Page 3 of 3 <br /> <br />
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