Rev..September 2015 Page | 1
WHEDA CONSTRUCTION DRAW PROCESS
WHEDA processes all draw requests through the title company providing title insurance for the project. The title
company will notify WHEDA when all lien waivers are received. After receiving and reviewing all necessary
documentation, WHEDA will wire transfer the funds to the title company with appropriate disbursement
instructions. The title company then disburses funds once an endorsement is issued to the title commitment. The
endorsement insures against claims from construction liens through the date of the draw request. Accordingly, you
should contact the title company and discuss what documentation they will need in order to disburse funds.
REQUIRED DOCUMENTATION
Projects must use the Developer Excel Spreadsheet for Construction Draw which is prepared and emailed to the
Developer by WHEDA staff after closing. Instructions for this spreadsheet can be found here
.
Cover Letter
A cover letter should accompany each draw request indicating the project name, the WHEDA project number, a
brief explanation of any unusual features in the draw, and the name and telephone number of the person to be
contacted for any draw related questions. This form is part of the Developer Excel Spreadsheet for Construction
Draw and is partially filled out for you.
WHEDA Loan Disbursement Request Form
The Disbursement Request Form itemizes the specific payments to be made with the current draw proceeds. For
each item the following information must be included:
The budgeted line item per the approved Loan Approval Paper Project Development Budget;
The Payee's name exactly as it should appear on a check payment; and,
The amount to be paid to each payee.
WHEDA Draw Request - Form 4
WHEDA Draw Request – Form 4 pertains to project hard costs and has two parts. The top portion specifies the
amount of hard costs requested in the current draw, which is certified by the project owner or general partner. The
lower portion of the draw provides for the total sum of contract construction costs paid to date, which is certified by
the general contractor. The Draw Request form must be submitted with every construction draw request. This
form is filled out for you when using the Developer Excel Spreadsheet for Construction Draw
Verification of Requested Costs
Costs should be segregated into hard and soft cost items:
Hard Costs and any change orders must be supported by a completed Application and Certificate for
Payment AIA Document G702 and G703 form certified by the project's supervising architect. The Developer
Excel Spreadsheet for Construction Draw has one to use but a replicated computer generated form is
acceptable. Additionally, for any materials stored offsite, satisfactory evidence of bonded insurance
covering such materials must also be provided.