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one year from the date on which the grant was awarded, unless a longer period of time was <br />allowed when the grant was awarded or an extension is granted. <br />Disbursement of Funds <br />In most cases, grants and rebateswill take the form of reimbursement after work has been <br />completed, inspected and approved as consistent with the approved grant application by HPC <br />staff. In planning your project, you should arrange to have adequate funds on hand to pay the <br />final costs of the project. Incentivesmay be revoked if the conditions of any grant approval are <br />not met. Under some circumstances, as determined by the HPC and City Council, incentives, <br />particularly loans,may be paid prior to the beginning of a project or in installments as work <br />progresses. <br />Incentives from the Historic Preservation Fundmay be considered <br />taxable income and applicants may wish to consult with a tax <br />professional. <br />Page 5of 19 <br />