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

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)

Housing Policies Table of Contents