Res 2005-050 - Laserfiche WebLink

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i. Place the necessary funds in escrow with the Administrator when the HOME agreement is executed; ii. Secure an approved home improvement loan from a financial institution to be used in conjunction with the HOME funds; or iii. Delete some of the non- TMCS items from general improvements to reduce the amount of assistance. In the event that the homeowner secures a home improvement loan from a financial institution, a letter of commitment from the financial institution must be provided when the rehabilitation contract is signed. Applicants shall have thirty (30) days to secure additional financing or be subject to disqualification. C. In ordef to document the physical condition of the home which will be rehabilitated Of feconstructed a thorough inspection will be required. This inspection will be documented in writing, with drawings and photographs as needed. All items needing repair will be documented with specific measurements and locations sufficiently to create a work-write up and cost estimate. D. If reconstruction is being considered, a preliminary budget should be prepared to indicate the potential cost of rehabilitation. This budget, including any inspection checklist, notes, photographs and drawings will be called the "feasibility analysis". This budget should include all major systems but need not detail individual items of cost. If the cost of rehabilitation including lead hazard inspection and reduction: i. is less than $25,000, the Administrator will offer rehabilitation services to the homeowner. Reconstruction will not be an option and the Administrator will prepare a detailed work write-up and cost estimate for rehabilitation adequately documented to be used as bid documents. ii. is more than $25,000 but Jess than $50,000* then the applicant may choose either rehabilitation or reconstruction and the Administrator will prepare a detailed work write-up and cost estimate for rehabilitation or reconstruction adequately documented to be used as bid document. i. *represents a 10% reserve with a total cap of $55,000. iii. If feasibility analysis indicates a budget in excess of $55,000 for rehabilitation and the applicant does not desire reconstruction the Administrator may "walk away" from the project after notifying the applicant that the project is not feasible and offering an explanation in writing. iv. If the budget for reconstruction exceeds $55,000 the Administrator should notify the Department for technical assistance. E. The minimum amount of HOME assistance that may be provided to any applicant for rehabilitation assistance shall be One Thousand Dollars ($1,000.00).