WHEDA Construction Draw Process and Instructions
This file outlines the WHEDA construction draw process, required documentation, and detailed instructions for submission and funding. It is an essential guide for developers and contractors involved in WHEDA projects. Users can find specific forms and guidelines to facilitate smooth fund disbursement.
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How do I fill this out?
To fill out the WHEDA Construction Draw form, start by gathering all necessary documentation including the Developer Excel Spreadsheet. Make sure to provide accurate project details and ensure all forms are completed. Finally, submit the required documents as specified.
How to fill out the WHEDA Construction Draw Process and Instructions?
1
Gather all required documentation including the Developer Excel Spreadsheet.
2
Complete the required forms accurately, including the cover letter.
3
Submit the completed spreadsheet and forms via email or postal service.
4
Ensure copies of all invoices or checks are included as needed.
5
Confirm your submission to ensure prompt processing by WHEDA.
Who needs the WHEDA Construction Draw Process and Instructions?
1
Developers need this form to request funding for their construction projects.
2
Contractors require this form to verify submitted costs and budgets.
3
Project managers use this document to outline the draw process and required documentation.
4
Financial institutions reference this form for loan disbursement protocols.
5
Title companies utilize this form for ensuring compliance and accurate fund distribution.
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What are the instructions for submitting this form?
To submit the WHEDA Construction Draw request, first ensure that you have filled out all required forms accurately. Send the completed Developer Excel Spreadsheet, along with any cover letters and required invoices, to Lori Paulson at lori.paulson@wheda.com. You may also fax your submission to 608-267-2440 or mail it to WHEDA, Attn: Lori Paulson, PO Box 1728, Madison, WI 53701-1728.
What are the important dates for this form in 2024 and 2025?
For the years 2024 and 2025, it is crucial to note that the submission process occurs on a monthly basis. Ensure all documentation is submitted prior to the end of each month for timely processing. Monitor WHEDA announcements regarding any changes to submission deadlines.
What is the purpose of this form?
The purpose of this form is to facilitate the efficient processing of construction draw requests through WHEDA. It serves as a guide for developers and contractors to understand the required documentation needed for fund release. By clearly outlining the draw process, this form ensures that all stakeholders are informed and compliant with WHEDA regulations.
Tell me about this form and its components and fields line-by-line.
- 1. Developer Excel Spreadsheet: A required document prepared by WHEDA staff outlining construction costs.
- 2. Cover Letter: A letter accompanying the draw request detailing the project name and unusual features.
- 3. Disbursement Request Form: Details itemized payment requests corresponding to the current draw.
- 4. WHEDA Draw Request - Form 4: Used for certifying hard costs related to the project.
- 5. Schedule of Values: Breakdown of hard costs based on construction divisions.
- 6. Verification of Requested Costs: Documentation needed to substantiate claimed costs.
What happens if I fail to submit this form?
Failure to submit this form can cause delays in fund disbursement. It is essential to ensure all required documents are submitted to avoid potential complications. Incomplete submissions may lead to rejected requests or delayed processing times.
- Delays in Funding: Incomplete documentation can result in late fund transfers.
- Impact on Project Timeline: Funding delays can hinder overall project progress.
- Increased Costs: Delays might incur additional costs due to project hold-ups.
- Compliance Issues: Failure to properly complete the form may lead to compliance challenges.
- Communication Barriers: Lack of clear submission can lead to confusion between stakeholders.
How do I know when to use this form?
- 1. Monthly Draw Requests: To facilitate regular funding based on project progress.
- 2. Final Draw Submission: Upon project completion, to release final retainage funds.
- 3. Payment for Hard Costs: To obtain funding specifically for materials and labor.
- 4. Submission of Change Orders: When adjustments to the original budget are needed.
- 5. Request for Retainage Release: To recover funds held as retainage post-completion.
Frequently Asked Questions
How do I fill out the WHEDA Construction Draw form?
Start by completing the Developer Excel Spreadsheet, then include a cover letter and relevant invoices.
What documents do I need to submit with the form?
Ensure you attach the completed spreadsheet, cover letter, and any soft cost invoices as required.
Where can I submit the completed WHEDA form?
You can submit the form via email, fax, or mail to the specified WHEDA contacts.
What if I need help during the submission process?
Contact your WHEDA representative for assistance with the process.
Can I edit the PDF after filling it out?
Yes, PrintFriendly allows you to edit the PDF as needed before submission.
Is there a deadline for submitting the draw request?
Draw requests should be submitted at least once a month within the time frames set by WHEDA.
How do I ensure my documentation is complete?
Check each required item against the guidelines provided before submission.
What happens after I submit the form?
WHEDA processes the requests and should wire transfer funds within 10 business days, depending on completeness.
How do I check the status of my draw request?
Contact your WHEDA representative for updates on your submission status.
Are there any fees associated with this process?
Refer to WHEDA's guidelines for any applicable fees during the draw process.
