The final promissory note will reflect repayments for the actual funds borrowed.
Repayments are due on May 1 and November 1 each year.
- The first repayment is due on whichever of the two repayment dates (May 1 or November 1) falls between 6 and 12 months after the original completion date noted in the Notice to Proceed.
- The May 1 repayment includes principal and interest (when applicable).
- The November 1 payment is usually only interest but could include principal.
- Interest begins to accrue from the date of completion on the Notice to Proceed. There is no interest during the originally planned construction period.
- For information or assistance with repayments, contact Jennifer House at 919-707-9161 orJennifer.firstname.lastname@example.org.