MFDrawWorkbook.xls
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INSTRUCTIONS
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This Workbook will be used for each draw request submitted during the development period. Each tab along the bottom of this workbook includes documentation that is required for the review and approval of draw requests (though not all of the information will be required for every draw).
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2) Activity Creation (Completed by Multifamily staff prior to or after Loan Closing - Environmental Clearance is required):
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After Multifamily staff has created the contract in the Housing Contract System, Multifamily staff will complete the blue tabs of this workbook (Final Sources of Funds and Final Budget) based on the pre-closing Underwriting Report from REA staff. The workbook will then be sent to you for completion of the HOME Budget column in the Final Budget tab - essentially, itemizing the HOME funds among various hard and soft costs. Once you complete the HOME Budget column, please return via email to Multifamily staff. Please note that Environmental Clearance and your Labor Standards Officer (LSO) Form (if applicable - 12 or more HOME units) must be attached in the Housing Contract System before your Final Budget can be approved.
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3) Draw Requests
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Review the Submission Checklist tab to ensure that all of the required information has been completed and is included with each draw request. PRIOR TO YOUR INITIAL DRAW REQUEST, please ensure that the bank account information provided at the time of Activity Set Up is still active with the financial institution and is the correct account for the direct deposit of funds. This form will be attached in the main screen of your Contract by Multifamily staff.
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Special Notes regarding Draw Requests:
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Retainage:
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Each time a draw for Hard Construction Costs is requested and processed, ten percent of the total hard cost requested for reimbursement will be withheld by the Department as Retainage. Retainage is held until completion of construction and will require additional documentation for release (see Final Draw/Release of Retainage in the Draw Submission Checklist tab).
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Developer Fee:
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For Developments in which the loan is secured by a first lien deed of trust against the Property, 75% of developer fee will be disbursed in accordance with the percent of construction completed. The remaining 25% shall be disbursed at the time retainage is released. Developments that are not secured by a first lien deed of trust or which also receive Housing Tax Credits must provide a letter from the other lenders and syndicator stating that there is no existing or planned agreement to govern the disbursement of developer fees and expect that Department funds shall be used to fund developer fee.
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HOME MATCH Funds:
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Evidence of Match must be provided at the time the development is contractually obligated (by percentage of funds drawn)
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to provide Match. Please check your HOME Contract or Commitment for the Match rules that apply to your development.
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Currently, the App & Cert for Payment (purple tab) is set to trigger submissions of Match documentation at greater than 50%
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Table Funding:
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If you are planning to wire any amount of your HOME award to the title company at closing, please contact Multifamily staff directly. You may not draw more than 50% of your HOME award at closing.
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Note that table funding must be requested at least 10 days prior to HOME loan closing as noted in 10 TAC §10.403(c)(7).
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Instructions
Draw Submission Checklist
Final Sources of Funds
Final Budget
Vendor List
Disbursement Req
App & Cert for Payment
Draw Schedule
Budget Reallocation Req.
Close Out Report
Section 3 Reporting
Final Match Report