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2013-120
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Specifically, Developer agrees to undertake the following activities : <br /> A. Identify' foreclosed, abandoned, and blighted single-family residences in the <br /> NSP3 target area; <br /> Be Contract for purchase of homes meeting program criteria; <br /> C . Complete all pre-acquisition due diligence activities; <br /> D. Acquire eligible properties with mortgage assigned; <br /> E . Prepare rehabilitation work write-up for acquired properties; <br /> F. Rehabilitate acquired properties using Habitat for Humanity's sweat equity <br /> program; <br /> G . Solicit potential NSP3 homebuyers; <br /> H . Complete income verification and NSP3 qualification process for NSP3 <br /> homebuyer applicants; <br /> 1 . Provide principal mortgage financing for NSP3 homebuyers; and <br /> J . Sell NSP3 homes to income qualified buyers . <br /> 2 . Developer will carry out this program in accordance with the policies, <br /> procedures and other provisions of the Single-Family Purchase, Redevelopment and <br /> Sales Program Manual ( "Program Manual" ), provided to Developer by Grantee, and <br /> incorporated herein by reference . Developer hereby agrees to accept and follow any i <br /> written amendments to the Program Manual by Grantee that are made as a direct result <br /> of additional guidance or regulations provided by HUD, as well as any written <br /> amendments that are mutually agreed upon by Grantee and Developer. <br /> 3 . Developer is responsible for providing the deliverables that are <br /> described in Section I .A.4 below and Exhibit A, Homes Sales Activities and Detailed <br /> Budget, within the time periods and for the approximate average budget amounts <br /> described therein . The total use of NSP3 funds provided under this Agreement may not <br /> exceed the total amount of NSP3 funds indicated in Section III (A) below. <br /> 4 . Developer's expenditures for program delivery will be limited as <br /> follows, unless changes to the limits are agreed to in writing by Grantee and Developer <br /> for a particular property . <br /> a . Minimum number of homes to be acquired, developed and sold using <br /> base grant funds discussed in Section III (A) below: Thirteen (13). <br /> b . Minimum number of homes to be acquired, developed, and sold using <br /> program income funds discussed in Section III (A) below: Five (5) . <br /> c. Eligible properties : Developer will acquire only properties in designated <br /> NSP3 target areas that are eligible under NSP3 guidelines for rehabilitation or <br /> redevelopment as affordable residential properties. These guidelines state that <br /> properties acquired must be abandoned or foreclosed upon, blighted, or vacant <br /> residential structures . Residential structures will be rehabilitated consistent with <br /> NSP3 guidelines. <br /> 2 Page Amended and Re-stated NSP3 Developer Agreement : July 2 , 2013 <br />
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