Borrowers of OH funds will be required to meet a number of due diligence and other requirements prior to closing on the OH loan. For specific requirements for each OH-funded project, please refer to the Reservation Letter and contact the OH project manager assigned to the project.
On typical projects, OH will require borrowers to document before loan closing that the project has:
- obtained NEPA Environmental Clearance (if project is federally funded)
- obtained other financing sources acceptable to OH
- obtained appropriate insurance for the project (see below)
- received building permits
- competitively selected contractor using an OH-approved process
- signed a construction contract with a type and delivery method acceptable to OH
- complied with the pre-construction procedural requirements of the Multifamily Rental Housing Program Residential Prevailing Wage Rate Policy
- successfully incorporated Evergreen Sustainability Development Standards into design documents (see OH’s Evergreen Compliance Procedures)
- satisfied recommendations noted in Project Evaluation Report
- met all other funding conditions as specified in the Reservation Letter
For detailed insurance requirements, contact the OH project manager assigned to the project.
The Housing Levy A&F Plan requires that borrowers competitively select contractors. Competitive contractor selection requirements will be published in each NOFA.