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« Soft costs incurred for work on buildings thal eventually prove infeasible and do not receive other investments will not be reimbursed with Program funds. Theréfore, ‘reimbursements for soft costs may not be requested as part of a partial payment prior to project completion. : 1.¢.5 Proof of Available Financing — Property owners are responsible forthe total cost of the project. Grants wil] reimburse property owners at the conclusion of the project after all costs are paid. Proof of available financing through cash in bank, secured loan commitments, and/or project lines of credit is required. , l.c.6 Payment Process - The program. operates fully as a reimbursement grant program and the owner is responsible for paying for all agreed upon improvemerits and payment ofgrant funds will be made only upon satisfactory completion of the items in the approved scope of work and payment of expenses. e No reimbursement shall be requested until periodic inspections of the work has been completed by the LPA or its. representative. All completed work shall comply with all applicable building codes and standards. e To substantiate work costs, Owners must provide the following: = written contracts; = bank documents; ® copies of invoices; " cancelled checks; = lien releases; = and any other documents deemed reasonably necessary by the LPA or required by HTFC to maintain effective internal controls. e Cash payments/cash receipts are not permitted and will not be reimbursed. 1. d. Project Review & Selection Process The LPA will use the following project selection criteria and project reviewand selection process. This process will be used consistently throughout the term of the Program. Idd Project Application * The LPA will prepare an application with instructions identifying program requirements and selection priorities. The application will request all information necessary to fully review the project for eligibility. e Applications for funding will be available during a period to be determined and specified by the LPA. Applications must be submitted and deemed complete by the LPA prior to the determined close date.to be eligible for funding. e The LPA will advise applicants on the disposition ofan application within 30 business days. 1.d.2 Project Review Committee e The Project Review Committee will implement the project selection process and. generate funding decisions. e The Committee will include a diverse group with relevant experience. e The planned members will not include elected officials or those that cannot meet the conflict of interest policy. 1.4.3 “Project Selection Documentation e = The LPA will retain clear documentation of each project selection committee decision in its program files. This documentation will include an eligibility determination for each application reviewed, and a justification for each project selection decision. This documentation will include 20250577— New York Forward (NYF) Schedule B Page 3 of 9