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distressed properties as allowed by HUD and DCA in predetermined target areas . <br /> Residential structures purchased under this program that are not deemed beyond feasible <br /> repair (repairs exceeding 50% of the value of the structure) will be rehabilitated as <br /> needed to meet the following. <br /> 1 . HUD Section 8 Housing Quality Standards (24CFR982 . 401 ) <br /> 2 . Local Zoning Requirements <br /> 3 . State of Florida Building Code <br /> 4 . The local building code <br /> 5 . Modern, Green Building and Energy- Efficiency Criteria <br /> 6 . Florida Energy Efficiency Code for Building Construction (Newly <br /> Constructed Housing Units) <br /> 7 . Accessibility requirements of 24 CFR Part 8 , 24 CFR 100 . 201 , and <br /> 24 CFR 100 . 205 <br /> Parcels and residential structures acquired under this program will be purchased at no <br /> more than ninety-nine percent (99 %) of the current appraised market value of the <br /> property. Current appraised value will be determined by an appraisal completed by a <br /> licensed real estate appraiser within 60 days prior to the closing on the property. <br /> The Housing Specialist will assign a case number and evaluate each property being <br /> considered for purchase under the program . The initial inspection will result in a report <br /> of finding which will be used in the consideration for purchase . <br /> Homes considered for purchase under this program will be evaluated by the local <br /> Housing Specialist and/or Non-Profit and/or For Profit sub-recipient, and/or Non-Profit <br /> Developer, and/or For Profit Developer, and a written evaluation of property condition <br /> and extent of rehabilitation will be submitted to County staff for review prior to the <br /> completion of the due diligence period for the property. <br /> Written notification will be submitted by certified mail or other form of delivery which <br /> includes receipt confirmation to all property owners whose properties were initially under <br /> contract for purchase under this program , but later were eliminated from consideration . <br /> Prior to the County moving forward with carrying out its due diligence on any parcel <br /> being considered for purchase, the owner of the parcel to be acquired under this program, <br /> will be required to sign a purchase option contract with the County, its sub .recipient, or <br /> developer that commits the property owner to sell the property. <br /> The County will not exercise any powers of eminent domain as part of the NSP Program . <br /> All contractors will be required to maintain and provide proof of builders risk insurance <br /> on all new construction and rehabilitation contracts under the NSP Program . <br /> The County will advertise for contractors in a newspaper published in a Metropolitan <br /> Statistical Area (MSA) with circulation throughout Indian River County . The County <br /> will allow contractors a minimum of 15 days to submit prequalification packages . All <br /> 5 <br />