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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. GMMHC can direct borrowers to additional financing <br />sources. <br />Custody of Funds <br />8.: Loan funds will remain in the custody of GMMHC 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 GMMHC to verify the completion of the <br />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 GMMHC 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: <br />HousingResourceCenter North Metro <br />1170 County Road <br />Shoreview, Minnesota 55126 <br />(651)486-7401 <br /> Attn: Marie <br />3/11/04 <br />3 <br />