Real Estate Analysis and Commentary in [CITY]

Half of Your RREM Grant Is Available Now!
April 14th, 2014 6:04 PM

The U.S. Department of Housing and Urban Development recently approved a major change in the Reconstruction, Rehabilitation, Elevation and Mitigation (RREM) Program. This change allows you to receive an advance payment of 50 percent of your RREM grant once you sign your grant agreement (this is for Pathway B applicants who are hiring their own contractor). In order to receive this advance, all you have to do is certify that you have engaged a general contractor or design professional under contract. The New Jersey Department of Community Affairs (DCA) then verifies that the contractor you retained is licensed in New Jersey and not debarred from work. A check for 50 percent of your RREM grant (minus your reimbursement) will then be sent to you to pay your contractor. This advance will considerably speed your repair and reconstruction work so you can get back in your home faster.

Once your contractor invoices or provides receipts for eligible costs that exceed this initial 50 percent advance, you may submit up to two additional payment requests for the remaining balance of your RREM grant.

For more information, please contact your Housing Advisor or call the housing recovery hotline at 1-855-SANDYHM

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Posted by Brian Dreikorn on April 14th, 2014 6:04 PMPost a Comment

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