Loan Closings
Once Office of Housing Rental Housing Program funds have been awarded borrowers will be required to meet a number of due diligence and other requirements prior to closing a loan. Please contact your assigned OH project manager for more information.
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)
- secured other financing sources acceptable to OH
- obtained appropriate insurance for the project
- 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 Sustainable Development Standards into design documents
- satisfied recommendations noted in Project Evaluation Report
- met all other funding conditions as specified in the Reservation Letter