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[10] [12] The clause should also include a requirement for the contractor or subcontractor to submit to the recipient weekly (e.g., for each week in which any contract work is performed) a copy of the construction payroll accompanied by statement of compliance. This report is commonly referred to as "certified payrolls", and is often done using ...
Non-profits will either manage the building themselves or contract a management company to oversee operations. Property management requires marketing, tenant selection, rent collection, maintenance, finance, rule enforcement, strategic planning, etc. [19] A critical component of operating affordable housing is managing a project's financing. [19]
Soft Cost is a construction industry term but more specifically a contractor accounting term for an expense item that is not considered direct construction cost. Soft costs include architectural, engineering, financing, and legal fees, and other pre- and post-construction expenses. [1]
A construction contract is a mutual or legally binding agreement between two parties based on policies and conditions recorded in document form. The two parties involved are one or more property owners and one or more contractors.
In 2006, The Village Voice named HUD "New York City's worst landlord" and "the #1 worst in the United States" based upon decrepit conditions of buildings and questionable eviction practices. [32] In September 2010, HUD started auctioning off delinquent home mortgage loans, defined as at least 90 days past due, to the highest bidder.
There are two types of FHA construction loans: an FHA construction-to-permanent loan and a FHA 203(k) loan. FHA construction loans can be rolled into an FHA permanent mortgage.
Shutterstock By Sarah N. Lynch New mortgage rules designed to prevent a repeat of the 2007-2009 financial crisis, when foreclosures spiked because of risky bank practices, were finalized by the U ...
The EPC contractor coordinates all design, procurement and construction work and ensures that the whole project is completed as required and in time. They may or may not undertake actual site work. EPC companies are often used in large-scale projects, such as power plants, refineries, chemical processing facilities, infrastructure projects, and ...