How will funding be disbursed after award? Will projects still need to obtain a separate construction loan from a private lender?
It is anticipated that funding would be made available during construction and provide for monthly draws. MFA will engage a third party contractor to monitor construction progress, review draw requests and make recommendations for funding. To allow time for the review and site inspection, expect a minimum 2 week period from the time MFA receives a complete draw package to the time the funds are disbursed.
