Frequently Asked Questions

Q.  How long will it take to get paid?

A.  7-10 days once the work is completed. Contractors will submit a final invoice to lenders when the work is complete. Lenders will send an inspector to verify all work was completed. Once the inspector and homeowner sign off on the work completed, the lender will cut the final check to contractor. The homeowner will need to pick up the check, sign it, and make arrangements with the contractor for delivery/pick-up. 

 

Q.  Why should I want to work with homeowners in the RRR program?

A.  Homeowners pre-approved for a loan by RRR program will have guaranteed access to the funds needed to pay out for jobs. You will not need to screen them to see if they can afford the work they’re requesting or think about payment plans. RRR can offer contractors steady opportunities to bid on work and stay busy throughout the year. 

 

Q.  Is this a City program?

A.  This is a City initiative that utilizes loan funds through private banks. The checks are written from the private banks directly to the contractor, so the City and homeowners will not actually hold the funds.  Aside from Restore Repair Renew, there are also other City loan programs you may want to get connected to.

 

Q.  Can I ask for draws during the construction phase?

A.  No, after the maximum 30% deposit up front, the remaining balance will be paid at the completion of the work. 

 

Q.  How long is the construction phase?

A.  All work is expected to be completed within 60 days after the homeowner closes the loan. Extensions can be requested but need approval.

 

Q.  How do I get on the list of pre-qualified contractors and connect to clients?

A.  Call 215.731.2408 to find out how you can become a pre-qualified contractor. If you meet the criteria, filling out this survey will put your contact information on the list of pre-qualified contractors: https://cutt.ly/lO93uo

 

Q.  Can I use this loan on my own house?

A.  Contractors who meet the criteria may use loan proceeds to perform work on their own homes. Loan funds may be used to cover the cost of materials necessary to perform repairs, however self-performed labor costs may not be covered with loan proceeds.

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