RREM Grant Facts

RREM GRANT FACTS Source: New Jersey Department of Community Affairs If you use your own contractor: • The contractor must be registered in New Jersey

RREM GRANT FACTS
Source: New Jersey Department of Community Affairs

If you use your own contractor:
• The contractor must be registered in New Jersey and must not be on HUD or State of New Jersey debarred lists.
• You must maintain flood insurance throughout the repair/reconstruction and perpetually for the life of the property, including notifying new owners of this requirement.
• If elevation is required, you must elevate home by October 29, 2016.
• How the process works:
       o You can begin construction upon signing the grant agreement document.
       o You submit proof of construction costs to your Housing Advisor and get RREM payments in installments.
       o The RREM award will be for “reasonable and necessary costs” as determined by HUD (typically carpet, rather than wood floors, laminate instead of stone countertops, etc.) You will not be reimbursed for costs above that.

If you use a RREM selected contractor:
• All funds are placed in an escrow account which much be funded in full before construction begins.
• If there is not enough funding between the RREM grant and insurance to pay for construction, you will be required to place additional funds in escrow yourself.
• The contractor will provide HUD level restoration (typically carpet, rather than wood floors, laminate instead of stone countertops, etc.)
• If you want a higher replacement level than that, you will need to have those funds in escrow. They can come from your insurance proceeds, or your own savings if insurance is inadequate.
 

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