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inspection, verification of costs, and overall project certification by an architect or project estimator. Documentation of appropriate licenses, environmental certifications. and required insurance must. also be included in the request. In these instances; only subcontractor expenses that have met required procurement procedures are eligible for reimbursement. The LPA must obtain written consent prior to entering into contract with the business owner/ contractor. Projects that do not comply with these rules will not be eligible for reimbursement. . Contracting Procedures i) a The LPA will enter into a contract with the property or business owner to provide the program financial assistance. The contract will outline the roles and responsibilities for both the LPA and the participating property or business owner. At aminimum, the contract will specify: — Agreed. upon scope of work: ° — Projected amount of financial assistance awarded; ~ Estimated. project timeline; —. Requirement to insure the premises for the full (100%) replacement value, obtain fire insurance and other appropriate insurance depending on makeup of building, and toobtain flood insurance coverage if the premises is in a special flood hazard area. ~ Regulatory term or repayment provisions; ~ — Requirement to sign a photo release form permitting the LPA and HTFC to use photographs of the assisted business or property; ~ Requirement to engage a contractor and begin activities within 30. days of formal LPA approval; ~ Payment structure, timing; — LPA has the right to inspect work at any time; — Disbursement documentation requirements — LPA may terminate the award and cancel the contract should the work or purchases be inconsistent with the program rules outlined, agreed upon scope of work or projec design, statecl timeline or if insurance is not maintained by the participating contractor. 3. Construction Management/Quality Control 3. a. Construction Monitoring The LPA retains the right to inspect or audit work in progress at anypo int. The LPA must perform periodic inspections of renovation activities to monitor adherence with program rules, environmental hazard compliance, and general project progress. These visits must be documented in LPA project files. . b. Final Inspection - uw A final inspection or review of project activities by the LPA is required for each participating project. A final report or reconciliation must be submitted to HTFC to formally docume nt completion of project activities. 4. Financial Management 4. a. Internal Controls The LPA’s chief financial officer will be responsible for all financial transactions under this contract. The LPA must have a written policy on internal controls, and use this policy to deterrnine the process for review and approval of requests for disbursement of funds from HTFC. An Authorized Signature Form must be completed 20250577— New York Forward (NYF) Schedule B ; Page 7of9 .