Archives: Newsletter from Summer 2024

 Island Home Club Newsletter

SUMMER 2024

Summer Edition 😎 

Message from the IHC President.

by Scott MacPherson, IHC President 

Greetings members. We are well into an unusual summer season and I would like to share some updates as well as call for a community meeting.

As requested in the last IHC meeting, please review the proposed amendments to the bylaws and share any feedback with the Board. These proposals will be voted upon during the Fall meeting, therefore, it is important to be familiar with them in advance. The full proposals have been linked and included as Appendices in the Meeting Minutes, included in the Secretary’s Notes, below. 

The CMA engineering report that was commissioned by the IHC has been received and can be found attached to this report.  We have a small group of former Island Engineers that have reviewed the report and helped to guide next steps.  This report is excellent and full of helpful data.  I encourage you all to read it through.  A copy of the report can be found HERE.

The board would like to call a community meeting on Tuesday Aug 13, 2024 at 7:00 PM by Zoom.  We plan to discuss the CMA report findings, projects needing to be completed before the winter and next steps of the rebuild process.  Expect an agenda to be sent with the meeting link very soon. 

We are in the final stage of the SBA loan application. We have completed the necessary paperwork and are awaiting approval.  This is by no means a commitment to take out a loan, however it is an option for the community to discuss as we look at next steps of the rebuilding process.

THIS MONTH’S

TOP STORIES

Government Center 

by Kari Jones, Island Engineer 

I am hopeful that many of you have been able to spend some time on the island this summer, but if you have not, please see a brief recap of what we have accomplished and what we have left to achieve. 

Accomplishments over the last month:

• Septic System up and running! 

• Dismantled broken truss and salvaged hardware

• Refurbished, flipped and launched ramp from marsh to be used for Hen Island

• Contracted AJ to come out and hook up ramp and float to temporary location on Hen

• Repaired pumphouse platform

• Received CMA's Engineer Memo

• Hired an interim caretaker 

Introducing Tom (TJ) Fitzpatrick who kindly agreed to help us steadily work through some smaller projects, maintain the landscaping, and lend an extra hand with some of the larger projects over the weekends as our interim caretaker.  Mr. Fitzpatrick joined us just after the Fourth of July and answers to both Tom and TJ.  He swears he does not yet have a preference for what he likes to be called so there is a chance you will hear him referred to as both.  Tom (TJ) is the son of John Fitzpatrick, owner of New Meadows Marina in West Bath and has his own boat shop that he works out of here in Georgetown ME.  He has many years of experience working on or around boats and is an avid snowboarder during the wintertime.  

For the last few weeks, Tom (TJ) has proven to be a wonderful help with the following projects, and we are very excited to have his bright attitude for the rest of the year: 

• Getting the sewer line trenched and buried

• Flipping and launching ramp from marsh

• Clearing the path around Malden of down trees and overgrown bushes

• Clearing a walkable path on Hen after the ramp was installed

• Organizing woodpile 

• Replacing rotten/ broken boards

• Installing solar lights on the Malden Float

• Mowing the lawn and weed whacking around cottages

• Moving rocks between Thomas and Walker to backfill the seawall 

"Winter is Coming" - Following the guidance of the CMA proposal and considering our timeline we will be focusing on the following projects in preparation for next winter.  Please mark your calendars for August 24th and September 21st for official work weekends at this point in time.   

• Secure Pierhead and raise it

• Believe we can get a volunteer team to accomplish the task of getting boards popped back into place and chains refastened

• Continued efforts to secure/button up Cookhouse

• Backfill and support seawall 

• Rebuild Winter Foat platform 

House Keeping Items

• Please use common sense and be respectful of tying up boats on the Malden float so people have access to easily get on and off

• If the workboat is not actively being used (i.e. operated within a couple hours) dock it on the finger float or moor it.  The same can be said for any dinghies if your cottage is not actively using it

• Understand tying stern to is a risk for your engine being clipped by anyone coming to tie along the front

• Work together and communicate as necessary to ensure there is a boat across on the Mainland at all times. 

Treasurer's Ledger 

by Will MacPherson, IHC Treasurer

Secretary’s Notes

by Kate Roloff, IHC Secretary 

The notes for the 2024 annual meeting of the IHC are available HERE. This includes a summary of the proposals that were voted upon.

Community Announcements

We are pleased to share these exciting updates with the IHC membership.

FIYC

Commodore Dave Robinson shares this announcement: Due to unsafe conditions on the island, the FIYC JUNIOR REGATTA has been canceled for this summer. We are hoping to resume this popular event next summer. 

GOOD NEWS

Congratulations to Colin Mulcahy and beautiful bride Kelsey! Many island members were present to celebrate with the bride and groom who tied the knot in Kittery, Maine on July 6th. 

Important Upcoming Dates:

• All Island Meeting - Tuesday, August 13th @ 7:00 by Zoom

• Upcoming Work Weekend - August 24th and September 21st

Photo of the Month

Hen Island is back online!

Island Home Club

Five Islands, Maine

Archives: Newsletter from MAR 2024

Island Home Club Monthly Newsletter

MARCH 2024

St. Patty’s Day Edition 🍀 

Message from the IHC President.

by Scott MacPherson, IHC President 

Greetings members! It was wonderful to see so many of you at the Winter Meeting in February. The BOD and the subcommittees have been hard at work since then and much has been accomplished despite the challenges that continue to arise. This has certainly been a learning process as we navigate the substantial rebuilding process.  The various sub groups are now meeting weekly to coordinate amongst each other as the planning and discussion continues.  A reminder to communicate with Kari or your subgroups when planning and working with contractors.  Recently the island experienced another flood tide which rearranged some of the debris and flotilla.  Fortunately, no further major damage has been reported.  

THIS MONTH’S

TOP STORIES

Government Center 

by Kari Jones, Island Engineer 

Status update: progress and timelines, summarized info by subcommittee, here's what we’re doing now and here’s the next phase of work. 

Island Access:   

• AJ has resumed work on the Mainland Pierhead and is making good progress.  See the recent pictures attached below this section (Photo credit to Diann Longstreet)

• Focus remains on prioritizing island access with a sub group meeting weekly to determine the next steps

• Septic rebuild plans are ready to go and pending island access

• We are also asking to get our floats delivered asap to put on the moorings, but may prove challenging considering their location in the pile.

• We are keeping the old workboat for use this season instead of selling it at this time. 

Treasurer's Ledger 

by Will MacPherson, IHC Treasurer 

Thanks to everyone who has — or is in the process — of transitioning payments to an electronic format. I was pleased to see almost every cottage transition in the very first month! Payments were received almost instantaneously making for easy access to funds as bills have come due. Appreciate everyone’s willingness to improve efficiency in a volunteer position.

Capital Fund Update -

• Signed MOU with Bath Electric and funded to retain their services

• Paid mainland pier contractor 2 out of 3 payments already. Final payment will be at completion

• Paid sales tax for new work boat

Finance Committee Update -

• Investigating SBA Loan @ 3.5% once declared disaster; Total available proceeds still TBD, but looks like it’s replacement cost + 20% for improvements

• Private loan process and documentation being worked out over next few weeks

• Special assessment is the option of last resort, but always an option to explore

• Exploring construction insurance rider to be ready for when first phase of work begins on island

Secretary’s Notes

by Kate Roloff, IHC Secretary 

The notes for the 2024 winter meeting of the IHC are available HERE. This includes a summary of the proposals that were voted upon.

Community Announcements

We are pleased to share these exciting updates with the IHC membership.

GO FUND ME

The Go Fund Me page for the Island is completed and ready to go! Thank you to those that helped with the copy, photos, editing, etc. Please feel free to send this link to any friends and family of the island that you see fit. [In the top right corner of the GFM page you will see a Share button - when you click on that you have several options - one of which is Facebook.  You can also add to Instagram or send an email from there.] We are happy to report that 19 donations have been made thus far totalling $3,785 - off to a great start. 

**The IHC BOD invites the membership to take part in this important fundraiser and challenges the community to achieve 50% participation by May 1.  No donation is too small as we are focusing on participation. Feel free to let Bo (bo.yalenezian@powerdigitalmarketinginc.com) know if you have any questions.**  

Fundraiser by Bo Yalenezian : Help Rebuild Malden Island, Five Islands, Maine (gofundme.com)

FRIENDS OF MALDEN ISLAND, ME

The Friends of Malden Island, ME Facebook group is now live and growing with 46 members so far.. Many thanks to Julia Wheeler for creating this virtual meeting space for the extended Island community to be connected. Here is a brief description of the page:

This group is intended for those who share the love of Malden Island. Friends have come and gone over the years but let this be a place where we come together, cherish our memories, anticipate our future, and help each other. 

Since this is a private group, requests to join need to be approved by the page administrator. Once joined, you may invite others that you think would be interested in participating by sending them a link to the page. 

Friends of Malden Island, ME | Groups | Facebook

GOOD NEWS

Congratulations to Ned MacPherson and Julissa Rosado on their Caribbean nuptials! Ned and Julissa were married in St. Barths on January 27th, attended by a small group of close family and friends. Cheers to the beautiful couple!

Important Upcoming Dates:

• Long Range Planning / Island access meeting - Thursday, March 21

• Monthly Board of Directors Meeting - Monday, April 8th

Photo of the Month

The bell rings on.

Island Home Club

Five Islands, Maine

Archives: Newsletter from JAN 2024

Island Home Club Monthly Newsletter

JANUARY 21, 2024

Weekly Cleanup Edition

Message from the IHC President

by Scott MacPherson, IHC President 

Greetings Islanders,

We have accomplished a great deal in the eleven days since the devastating storm that damaged our island. Our community has been faced with similar challenges before and we are relying on the strength of the whole which has truly been greater than the sum of the parts.  Moving forward, the Board of Directors is planning on frequent IHC member emails to update the community on our progress.  Please take a look at what we have been up to and where we are going next. Reach out to me or any board member if you see a place where you might contribute to the effort. We want to hear if there is something that you would like to do that is not listed here, as well! Every bit counts as we move forward together.

What we have done:

Insurance claim was submitted expediently. 

Full damage assessment reports were submitted to the town of Georgetown and the Maine Emergency Management Agency (MEMA), to support efforts to obtain State and Federal funding for disaster relief. 

Debris on the island and in the harbor and surrounding areas was secured. 

Electricity was disconnected to the island on the mainland. The electrical infrastructure was inspected. Damaged or unsafe lines were isolated and secured. Power was restored to the remainder of the island.

Recovery work has begun and groups have been organized to tackle the most immediate tasks. 
What we are doing:

We have delegated tasks into sub groups that are working to coordinate estimating and engineering the recovery efforts 

• Communication/Archive:

• Media/File Storage and Organization (Kate, Julia, Bo)

• Weekly Newsletter Updates (Scott, Kate)

• Funding:

• Finance Committee (Will, tbd)

• Insurance Claim (Will, John C., Jet)

• Local / State Disaster Relief (Emily, Rachel)

• Immediate needs:

• Ongoing Debris Cleanup (Kari, Sam)

• Temporary Float Access (Doug, Sam, Al, Mason)

• Safe Transport (Dick, Kari)

• Infrastructure Repair:

• Mainland Pierhead/Boardwalk/Run (Sam, Al, Dave, Mason)

• Island Pierhead/Trusses/Run (Beth, Michael, John C.) 

• Septic System (Al, Russ, Sam)

• Electricity Infrastructure (Doug, Will, Dick)

• Hen Island Bridge/Trusses (Beth, Dave, Michael, John C.)

• Cookhouse Planning (Bob J, Al)

Each group is collaborating with each other and reporting progress as it is made to the BOD by email and during regular IHC Response Team meetings. Click here to see the Org Chart.

What’s coming up:

On Sunday, February 4th the Winter Meeting will be held by zoom starting at 11:00 am. A zoom link and meeting materials will be provided by email closer to the meeting date. The objective of the meeting will be to update the IHC on the latest progress, review finances from 2023, and a budget proposal for the year ahead.

ANNOUNCEMENTS

Lyndsay Rowan has generously offered to donate an original painting of the Cookhouse for fundraising purposes.   

Jenni Robinson is delivering leftover canned and dry goods from the Cookhouse to the Preble Street Resource Center in Portland

The Cookhouse clock has been rescued and has been sent for repair by Dick Walker.

RESOURCES

Check out this webinar from the Island Institute on storm recovery and resources in Maine. Here is the description from their website and a link to the recording is provided.

Listen in and hear directly from these State officials about what to do now and what to expect in the coming weeks and months. Topics include: 

• Roles and responsibilities of various state agencies 

• Processes and timelines to access federal assistance funding 

• Existing programs and resources for recovery and relief 

• Special considerations for working waterfront businesses and homeowners.

Webinar Recording: Storm Recovery and Resources - Island Institute

Important Dates:

• IHC Winter Meeting - Sunday, February 4th @ 11 AM

Photo of the Month

The Cookhouse, in the beginning. Circa 1939.

Island Home Club

Five Islands, Maine

Archives: Newsletter from DEC 2023

Island Home Club Monthly Newsletter

DECEMBER 2023

Holiday Edition

Message from the IHC President.

by Scott MacPherson, IHC President 

Happy Holidays to our island community! Tonight is the Winter Solstice meaning that as of tomorrow, the days are getting longer once again. I am happy to say…summer is coming!!!

We are in budget season and the executive committee has been reviewing data from 2023 and preparing a budget for 2024. Earlier this month, the Long Range Planning committee recommended a course of action to repair the failing infrastructure on the mainland pierhead.  They identified a contractor who submitted a proposal to have the work completed early Spring 2024.  To expedite the approval process, an email motion to approve the project using the capital improvement fund was distributed.  We received nine cottage responses approving the motion.  The long range planning committee has a representative from each cottage and is doing a fantastic job of planning and coordinating projects across the island.  

We are scheduling the winter meeting for Sunday, February 4th that will again be held virtually this year.  As defined, our agenda will primarily be focused on reviewing the 2023 financials and voting on the 2024 proposed budget.  Please submit any proposals in writing 7 days prior to the meeting so the full agenda and budget can be distributed ahead of time. I will be sending out a friendly reminder in January.  

Finally, keep an eye out for those town tax bills.  Georgetown is conducting a reassessment as we speak.  This was brought to my attention with the recommendation that we might be better positioned with a unified community response (rather than individual cottages) if needed.  

THIS MONTH’S

TOP STORIES

Government Center 

by Kari Jones, Island Engineer 

The Long Range Planning committee has done an excellent job of coming together and combining forces to determine the best path forward with some of our more pressing infrastructure projects.  Big thanks to the team for their contributions. Below is a quick highlight of the main topics, however more information will be provided in the winter meeting.  

Mainland Pier Head:  A motion was put forth to the community to give the committee approval to hire a contractor and secure their services to complete necessary repairs before docks arrive in the spring.  Motion was approved. 

Sea Wall:  All quotes received to repair seawall proved to be prohibited and therefore the committee recommends to complete this project ourselves, utilizing specific work weekends in the spring and fall to steadily build up sections. Team leads have been identified, and more information will follow.

Moorings:  Same contractor that agreed to do the work on the pierhead also offered to service our yacht club moorings.  We are looking to group the home club moorings to be serviced as well.  Any cottage that would like their own moorings to be looked at, considering Chuck Fuller is no longer in the mooring business, please reach out to Dave Robinson to funnel communication and interests. 

Work Boat: Wrapped up for the winter. Center console and seat have been removed, and additional cosmetic work on the bow to be completed by Bill Plummer. Thank you to Corby Lane for letting us store both the new and old workboat on his property. 

STORM UPDATE:  A separate email will be sent regarding the latest storm and the work that needs to be immediately addressed. A big thank you to Dick Walker (and friends) for being our eyes and reporting back their findings. 

Treasurer's Ledger 

by Will MacPherson, IHC Treasurer 

The work behind the treasurer transition continues as access to accounts and services require excessive logistical maneuvering (presumably for security reasons). But despite this, I expect to have an initial electronic payment solution available by the winter meeting. We have also begun putting together initial thoughts for the proposed 2024 budget which will also be communicated in advance of the meeting.

Additionally, I am pleased to share a rare piece of good news from our 2023 budget. Central Maine Power recently indicated that they made a mistake and have been overcharging the island at the wrong rate. They are issuing a refund and a customer service guarantee credit which combines to approximately $3,600. For now, we plan to divert those unexpected savings into the capital fund to help counter the recently approved pier head spend. What a nice holiday gift from our favorite regional utility. 

Secretary’s Notes

by Kate Roloff, IHC Secretary 

The updated distribution list for the IHC membership has been completed. Many thanks to the representatives who shared their cottage’s information with me. Once the website is up and running, we will continue to build a community directory and design methods to continuously revise member contact information, as needed. In the meantime, please contact me at secretary@islandhomeclub.org with any revision requests.

Community Announcements

From David Robinson - 

COMPOSTING 101 IN 2024

Think back 152 years…no automatic dishwashers, clothes washers or dryers; no septic, and of course, no trash or garbage removal. HOW did our forefathers ever survive? Well, you can now take a step back in time – composting for the Island Home Club is ready for your refuge.

Two bins (collectors) have been built on the southern side of the Icehouse. One is already receiving “leftovers”. Please refer to the flyer distributed to all cottages which details acceptable materials for composting. There are two bins such that we can alternate years of collection and thus have rich soil each year for your geraniums.

So, take a trip back to the past and make your ancestors proud…and take a bow – you are now an environmentalist! GOOD JOB!

Important Dates:

• Long Range Planning Committee Meeting -  TBD

• Monthly Board of Directors Meeting - Monday, January 8th

• IHC Winter Meeting - Sunday, February 3rd

Photo of the Month

Old man winter watching over the place for us!

Island Home Club

Five Islands, Maine

Archives: Newsletter from OCT 2023

Island Home Club Monthly Newsletter

OCTOBER 2023

Cheers to Summer 2023!

Message from the IHC President.

by Scott MacPherson, IHC President on October 6th 

In an effort to streamline communication, the officers and I are launching a new IHC Monthly Newsletter. These newsletters will be sent at the beginning of each month to share updates and important information with the IHC community. The objective of this newsletter is for the officers to communicate efficiently with the membership in a centralized format.  

On a more personal note, I would  like to extend a huge thank you to Dick Walker, Beth Jones, and Corby Lane for their hard work in locating a new work boat for the Club! This 19’ Carolina Skiff will soon begin an endless journey hauling lumber across the harbor for generations to come. Hope to see many of you at the upcoming Fall Work Weekend!

She’s a beauty! Check out the new club work boat.

 THIS MONTH’S

TOP STORIES

Government Center 

by Kari Jones, Island Engineer on October 6th

Many tasks were completed in preparation of Hurricane Lee, big thanks to those who came to help batten down the hatches and begin the overall island shut down process, especially Frank, Al, Gail, Sam, Scott, Will, Dicki, Hank, Sue, Rick, Janet, Bob, Doug and Anne.

The Fall Work Weekend 2023 is scheduled for Saturday, October 14th. Unfortunately, the weather is looking a little suspect, however there will be no rain date for this work weekend.  Anything not completed will be on the list for the Spring. There will be a burn pile if weather permits.  Antifreeze is available for cottages to use while closing and can be found at Government Center.

“Need to do” tasks: install Cookhouse windows and final shutter, put finger floats out on the moorings, cover Cookhouse bell, haul remaining boats (if any).

“Nice to do” tasks: trim hedges/overgrowth, install/fix child safety rails, paint Ice House trim, take the old mower to the dump.

Cookhouse Corner

by Jeni Robinson, Cookhouse Manager on October 5th

This year saw an increase in meals served and memories made in the cookhouse. We look forward to another fantastic season in 2024. 

Many hands make light work. A handful of IHC members have put in time in recent weeks to get the cookhouse ready for winter. With the exception of the scheduled window replacement and a few final touches, the cookhouse is ready to be closed for the season. 

Message from the Treasurer

by Will MacPherson, IHC Treasurer on October 6th

Please continue to send your assessments to Janet Cosseboom as we evaluate the options for electronic forms of payment to the IHC and continue the transition. Potential future payment options might include Venmo and/or via the new IHC website. There are several capabilities that the website offers and all are being explored currently.

Secretary’s Notes

by Kate Roloff, IHC Secretary on October 6th

The updated distribution list is coming together nicely. This has been a wonderful opportunity to make name changes, include new members, and recognize younger members who are transitioning into active roles within the community. Thank you to the cottage representatives who have shared their member contact information. 

We are currently waiting for a few more cottages to send an updated list - please have a representative(s) email me at secretary@islandhomeclub.org as soon as possible. This distribution list will be the basis for IHC communication moving forward and we want to make sure everyone is included. 

Also, please share photos, stories and updates for the community with me at any time. Efforts are ongoing to build the IHC website and many thanks to Will MacPherson and Bo Yalenezian for dedicating time and skills to this project. 

Please note: the website is currently offline while under construction but will be available in the near future as we transition the club to this new format. 

Important Dates:

• Monthly Board of Directors Meeting - Monday, October 9th

• Fall Work Weekend - Saturday, October 14th

• Long Range Planning Committee Meeting - Wednesday, November 1st

Photo of the Month

Hurricane Lee approaches from the south. Photo credit: Will MacPherson

Island Home Club

Five Islands, Maine

SBA Loan Motion

IHC Motion Regarding approval for a “SBA Loan Assessment” to move forward with the final paperwork for the SBA loan. The total terms and conditions of the loan are HERE.

Background: The officers of the Island Home Club, Inc. have made presentations to the Members of the IHC with respect to the borrowing in the principal amount of $757,200 pursuant to a Disaster Business Loan (the “Loan”) being made by the U.S. Small Business Administration (“SBA”) (Please reference document titled: SBA Disaster Lean Terms Summary previously distributed by the IHC President). As a condition of the SBA’s agreement to extend the Loan for the benefit of the IHC, the SBA requires that a majority of the IHC Members pass a “SBA Loan Assessment” in an amount sufficient to fully amortize the Loan.

• Definition of the “SBA Loan Assessment”: a portion (amount yet to be determined based on what is ultimately borrowed but not to exceed a monthly payment of $3,357.00) of the IHC monthly assessment to be allocated to a separate account noted as the SBA Loan Assessment Account. The purpose of this account will be to pay the principal and interest of the Loan on a monthly basis as indicated by the Payment Terms in the agreement.  This is NOT a special assessment to escrow the full value of the loan, rather an ongoing assessment to cover monthly debt service cost.

In Summary: This approval would give the IHC legal and contractual access to the funds and to officially engage with the SBA as the lender. However, actual use of those funds (e.g. to use for building a bridge or the pierhead) will be discussed in subsequent meetings and voted on separately on a per project basis in order to determine appropriate use of borrowed money. The borrowed money will sit in an interest bearing account until it is used, and if all or a portion is not used by 2/14/26 at the latest, will be returned to the SBA without meaningful cost to the IHC.

----------------------------

Motion:  

Allow the IHC Treasurer/Finance committee to create the SBA Loan Assessment account, and an SBA Loan Assessment which:

1. Is in an amount sufficient to fully amortize the Loan in accordance with the “Payment Terms” set forth in the Loan Agreement.

2. Refers to and adopts all the terms and conditions of the Loan Agreement and provides that the proceeds of the SBA Loan Assessment will be used solely to amortize the Loan;

3. Shall be irrevocable until the SBA is paid in full pursuant to the Loan Agreement; and

4. Shall provide that the SBA Loan Assessment account will be assigned by the IHC to the SBA as collateral for the Loan.

And:

To allow the IHC Treasurer/Finance Committee to proceed with finalizing the SBA loan agreement on behalf of the IHC. The paperwork would be finalized by 11/18/24 which would give the IHC until 2/14/25 to receive funds which would not require any payments nor will it accrue interest on any amount until 11/18/25 at the earliest. This agreement would further pledge all IHC common property as collateral while the loan is outstanding under the Mortgage Agreement included in the loan documents.

SBA Disaster Loan Terms Summary

Basics

Total Proceeds:               $757,200
 Sub-Total for Real Estate Repair/Replacement: $644,800
    Sub-Total for Contents:          $112,400

Rate: 3.25%

First 12 Months: No interest accrual or payments due

Debt Service payment: Monthly payment of $3,357.00 (assuming full amount of loan used)

• Note: if you exclude Contents, monthly payment is $2,850.00 per month

Pre-Payment Penalty: None

Final Payment (if not pre-paid): 8/14/2054

Tenor & Key Dates

Collateral

1) Security Interest: 

• Budgeted "Special" Assessments: Money allocated to paying debt service monthly

• Loan assessments will need to be collected in a separate account and "pledged" to SBA

• NOT a special assessment to escrow the full value of the loan

• NO WORD YET ON ANY RESTRICTIONS ON INTEREST BEARING ACCOUNTS. 

2) Mortgage Interest: 

• Collateral here is all IHC property, including Malden, Hen and Mink islands. 

• Includes all common infrastructure: buildings, floats, piers, sewer building, etc. 

• NOTE: Would need SBA approval to sell or transfer IHC property until loan complete

Operating Requirements/Compliance

• Must submit construction plans for any project over $50,000

• Post the Equal Opportunity disclaimer somewhere on your place of business if you hire employees 

• Retain all receipts from spent proceeds

• Cannot use proceeds to pay wages or compensation to a member for repairs, etc.

• To the extent feasible, purchase only American made equipment and products w/ proceeds

• Submit Agreement of Compliance before any disbursement of funds for Real Estate

• Cannot use lead based paint

• All proper construction permits must be secured

• Cannot store excess amounts of hazardous substances

Insurance

• Real Estate projects must have hazard insurance up to 80% of insurable value 

• Real Estate must purchase flood insurance for any insurable property 

Penalties

• Wrongful misuse of proceeds can result in repayment of 1.5x the principle amount