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Construction Period

Following the Initial Closing, construction should begin within ten days. To get things going, ask the general contractor to contact the HUD inspector assigned to your project. If you do not know who the HUD inspector is, contact your Project Manager. Typically, there is a kick-off meeting at the site with key members of the development team. A date is chosen to meet each month during construction for a requisition meeting.

Requisition Meeting

Preparation of the General Contractor's Requisition

Preparation of the Owner's Requisition

HUD Processing of the Owner's Requisition

Change Orders

Rent-up and Marketing

At about six months prior to the estimated start of occupancy, HUD recommends that the project begin marketing activities. Rent-up can occur as soon as the HUD Permission to Occupy is issued.

Pre-Cost Certification Conference

At 90-95% of construction completion, HUD will conduct a pre-cost certification conference for the sponsor and general contractor (if required) and their respective accountants.