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Housing Policy --- Section 6-2

Loan Hold Back Policy
Policy Statement

DND, at a minimum, shall withhold 5% of the total DND loan amount until the project's completion.

Policy
DND will hold back the disbursement of at least 5% of the DND Loan (the "Holdback") until the project is 100% complete, as detailed in the loan documents and evidenced by receipt of the following documentation:
  • Certificate of Completion, issued by DND Construction Specialist

  • HOME Completion Report with income information for each HOME assisted Unit, Direct Benefits Statement, Cost Certification and/or other items as required in the Loan Documents.


  • 6-2 (11/02)

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