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1. Contracts of twenty five thousand dollars ($25,000) or less will not be paid <br />until the Contractor has completed the job. <br />2. Contracts in excess of twenty five thousand dollars ($25,000) allow a partial <br />payment upon satisfactory completion of sixty percent (60%) (And 100%, see <br />below) of the rehabilitation work (less punch list items), with a retainage of <br />twenty percent (20%) of the completed contract amount. <br />3. Depending on extenuating circumstances and contract balance, a second <br />partial payment may be authorized at the recommendation of the HRS or PA. <br />Construction Completion <br />Less than 50% <br />50 % and all permits pulled <br />100% <br />100% <br />Approval of a partial payment requires: <br />Percentage of Funds Paid <br />0% <br />50% <br />80% <br />After Certificate of Occupancy is issued <br />and all punch list items are completed. <br />A determination by the HRS and the PA that the claimed percentage of <br />completion of the work has been satisfactorily completed. Payment will be <br />issued for the amount claimed less retainage depending on the physical <br />progress as long as the contract funds remaining are sufficient to complete <br />the work in the event of default by the Contractor. <br />2. Payment will be issued for the amount claimed less retainage depending on <br />the physical progress as long as the contract funds remaining are sufficient to <br />complete the work in the event of default by the contractor. <br />3. Approval of the work by the Applicant homeowner and/or PA. <br />4. An affidavit from the Contractor stating that either: <br />a. There are no claims for unpaid goods and/or services connected with the <br />job, <br />a. All laborers, suppliers and subcontractors have received just <br />compensation for their goods, <br />b. Services up to the date of the request (as evidenced by full or partial <br />waiver of lien from subcontractors); or <br />c. A list of all unpaid parties and the amounts owed to each has been <br />submitted with the request. <br />The final payment approval requires: <br />1. Acceptance of all work by the Applicant homeowner, the HRS and the PA. <br />2. Submission of all manufacturers' and other warranties (e.g., appliances, <br />roofing, extermination, contractor's warranty covering the entire job for a <br />minimum one (1) year, etc.). <br />3. Waivers of liens from all subcontractors, all parties who were not paid when <br />the contractor received partial payment, and from any other party supplying <br />notice. <br />48 <br />