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Housing Policy --- Section 6-1

Policy Statement

DND will require retainage be withheld from construction requisitions on all projects.

Retainage Amounts:
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:

  • Architects Certificate of Completion.

  • A Certificate of Substantial Completion issued by DND (shall not be issued until all Punch List Items have been completed)
  • A reconciliation of Homeowners Home Inspection Report by DND, Developer, Contractor and Homebuyer.

  • Final Lien Waivers from the project contractor and other laborers, sub-contractors and material providers.

  • Certificate of Occupancy by the Inspectional Services Department.

  • Certification by employees and/or agents of DND and other Lenders that the construction work, including completed punchlist items, is acceptable and consistent with the approved construction budget, plans and specifications.

  • 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.

    6-1 (11/02)

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