Below is the process for how homeowners and contractors should handle NFC contracted renovation projects.
For more contractor information, select your city here: Des Moines - Cedar Rapids
1. Homeowner requests bids directly from contractors. All bids must include a Renovation Contract - view an example contract here. For more information, please review our Frequently Asked Questions or visit the borrower Resource page. A sample Renovation Loan Agreement is available for contractors to review.
2. Bid accepted by homeowner. The bid cannot expire before the loan closing and needs to be signed and dated by the homeowner and the contractor
3. Homeowner closes loan (renovation work cannot begin until the loan is closed)
4. Renovation funds held in escrow account at NFC
5. Satisfactory work completed by contractor
6. Homeowner prepares Des Moines Lien Waiver Release Form - Cedar Rapids Lien Waiver Release Form
7. Completed lien waiver release form and invoice/receipt to NFC before noon on Monday (Tuesday payout) or noon on Thursday (Friday payout).
8. Inspector to verify rehab work is completed & permits/city inspections were conducted when applicable before a payout.
Des Moines - View a guide for renovation and permit requirements in the City of Des Moines here. To contact the city for permits and inspections, visit their website.
Cedar Rapids - Building Services
Urbandale - Building Permits
West Des Moines - Building Inspections
Windsor Heights - Building Inspections
9. Payout to contractor Tuesday and Friday after 4:00 p.m. at the NFC office. Contractors will need to provide their Tax ID number. Homeowners and contractors should bring their ID when picking up a check.
Neighborhood Finance Corporation (NFC) expects that Lead Safe Certified Firms and/or Contractors will be used on all projects where paint will be disturbed on homes built prior to 1978. This is consistent with State of Iowa laws. Please visit Iowa Department of Public Health to find Lead Safe Renovators and Lead Professional Firms. If you are not Lead Safe Certified and would like to become certified, you may also visit the same link for information on certification.
If you are a contractor in Cedar Rapids, please contact Taran White at NFC Cedar Rapids for additional benefits you may be eligible for when completing your Certification.
Lead Poisoning: How to Protect Iowa Families provides additional information on lead hazard.
Information on payment to suppliers or material payments.
Form for changing contractor (must supply new bid).
Form for extending the time needed.