Department of Neighborhood Development
Housing Policy --- Section 6-1
DND will require retainage be withheld from construction requisitions on all projects.
Retainage, in the amount of ten percent (10%) of the value of construction costs incurred for the project, shall be withheld from each requisition.
Ten percent (10%) may be reduced to five percent (5%) retainage of the value of each requisition for construction costs subsequent to project construction reaching fifty percent (50%) completion.
Retainage Payment:Retainage shall be released upon receipt by DND of the following:
If completion of certain construction items must be delayed for an extended period (i.e. landscaping/planting awaiting Spring, exterior painting pending appropriate weather/temperature), Seasonal Items, Two Hundred Percent (200%) of the value of these DND-approved, monetized items shall be retained until such items have been completed to the satisfaction of DND.
Housing Policies Table of Contents