HUD Low Interest Loan Program*
DEADLINE TO APPLY: OCTOBER 25, 2013
PLEASE PRINT OUT FORM
Port Townsend Main Street HUD Loan Review Committee
* HUD Loans are available for projects located within the commercial historic districts of Port Townsend—uptown and downtown.
Name of Applicant:
* The applicant is the legal owner of the property. If the legal property owner is a corporation, LLC or similar business entity, the City requires the owners of the borrowing entity to sign as Personal Guarantors on behalf of the loan to the corporation, LLC or similar business entity. If the property owner is a corporation, LLC, etc., please indicate names of owners/guarantors below. In addition, the City may require a “real party in interest” (person with effective control over the entity) to sign a personal guarantee.
Names of Corporate or LLC owners (if applicable):
Mailing Address: __________________________________________________
City:_______________________________________ State:_____ Zip:________
Phone: ___________________________ Fax: ___________________________
Email Address: ____________________________________________________
Please write a brief description of your project including the building age, building name, square footage, current building use and post-project building use. Include a description of the specific improvements to be made, and a description of expected benefit of HUD fund expenditures.
Does the applicant own the project building? Yes ____ No ____
If the answer is no, please attach a letter from the owner expressing approval of the project proposal.
3. Prior Liens
Please disclose any liens, mortgages, deed of trust, any other security interests or encumbrances affecting your property, and current approximate balances.
4. Architect involvement
Will you be using the services of an architect? Yes No
If yes, list the architect you will employ: _________________________________________________________________
5. Funding Request
Estimated total project cost: _____________________________________________________
HUD funds requested: __________________________________________________________
Describe how the HUD funds will be utilized in this project: ___________________________
6. Estimate project cost:
Provide a complete description of the work to be performed, with TWO BIDS FROM A LICENSED CONTRACTOR. If the applicant can provide sufficient evidence, satisfactory to the committee, that he/she is capable of completing the project him/herself, applicant may eliminate the need for a bid. Provide material and labor cost estimates by major categories such as awning, paint, repair, carpentry, electrical, etc. as an attachment to this application and include a description of how HUD funds will be utilized:
7. Funding amount requested:
Funding is available upon completion of your project and submission of invoices. Funds shall be disbursed by the City upon completion of construction, and after verification to the city’s satisfaction of the amount expended. No retroactive proposals will be considered.
(Maximum request $40,000): _________________
8. Title Insurance:
All loans are contingent upon approval by the City attorney of a current title insurance policy. Note: For loans over $10,000, the policy will be at applicant's cost.
9. Project start: ______________________________
10. Project completion date: ___________________
The Port Townsend Main Street HUD Loan Review Committee encourages you to use the following checklist as an outline for your application.
Please provide the following additional information/documentation, as applicable, with the application:
Recent photo showing building
Recent photo showing situation that HUD funds will be used to improve/correct
Visual Rendering (if available)
Paint Chip Samples (optional)
If the applicant is a corporation, LLC or other business entity, please provide a copy of the organizational documents which authorize the designated officer(s)/member(s)/manager(s) to execute the loan documents on behalf of the entity.
Note: The project description, cost estimate, and photographs are REQUIRED (Main Street will assist with photography if necessary).
The undersigned applicant(s) affirm(s) that:
1. The information submitted herein is true and accurate to the best of my (our) knowledge.
2. I/We have read and understand the conditions of the Port Townsend Main Street HUD Low Interest Loan Program and agree to abide by its conditions.
Signature of Applicant(s):
Print Name & Title
Print Name & Title
Please return a copy of this completed application form to the Port Townsend Main Street office at 211 Taylor St. #3, Port Townsend, WA 98368, or drop off at the office on the 2nd floor of the Mount Baker Block Building. Copies will be distributed to the HUD Loan Committee for review. Please feel free to contact Mari Mullen, Executive Director, by email: firstname.lastname@example.org, by telephone: (360) 385-7911 or visit the Main Street website: www.ptmainstreet.org if you have any questions. Thank you for your interest!
Subject to approval.
Official Use Only