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Housing Policy --- Section 5-3

Policy Statement

This policy is created to ensure that developers assume risk for their developments.

The Fee, as determined by the Fee and Overhead Formula, is at-risk from the date of DND's commitment throughout the project developments. Subsequent increases in development costs or decreases in other funding sources will be covered through a reduction in the amount of the Payable Fee.

After construction loan closing, increases in hard costs and or/soft costs will be covered first from their respective contingencies, then from the developer fee.

5-3 (11/02)

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