Loan Closings

Once Office of Housing Rental Housing Program funds have been awarded borrowers will be required to meet a number of due diligence and other requirements prior to closing a loan. Please contact your assigned OH project manager for more information.

On typical projects, OH will require borrowers to document before loan closing that the project has:

  • obtained NEPA Environmental Clearance (if project is federally funded)
  • secured other financing sources acceptable to OH
  • obtained appropriate insurance for the project
  • received building permits
  • competitively selected contractor using an OH-approved process
  • signed a construction contract with a type and delivery method acceptable to OH
  • complied with the pre-construction procedural requirements of the Multifamily Rental Housing Program Residential Prevailing Wage Rate Policy
  • successfully incorporated Evergreen Sustainable Development Standards into design documents
  • satisfied recommendations noted in Project Evaluation Report
  • met all other funding conditions as specified in the Reservation Letter