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d . Designated target area : Developer may, carry out this activity only in the following NSP3 target area : South of 4th Street, east of 43rd Avenue, north of 25th Street SW, and west of Old Dixie Highway, as shown in the map in Exhibit Be If, however, an amended target area is adopted by Grantee as part of a revision to the Grantee' s NSP3 Abbreviated Action Plan and if that amended target area is approved by HUD, that target area shall replace this target area . e . At least 25% of Grantee' s total NSP3 funds (combined base grant and Program Income) must be used to benefit households with incomes at or below 50% of area median income . Developer shall be responsible for acquiring, rehabilitating, and selling enough homes to income eligible households to meet this requirement. It is hereby noted that the 25% calculation must include the County's portion of funds. f. Developer may execute a home purchase contract without obtaining written approval from Grantee ; however, Developer shall provide a copy of said contract along with copies of due diligence items to Grantee prior to termination of the Due Diligence period for the home purchase . These due diligence items shall include but shall not be limited to an appraisal, a survey, a home inspection report, and a Wood Destroying Organism Report. Developer shall also provide Grantee with proof of abandoned, foreclosed, or vacant status as applicable, preliminary plans and specifications for rehabilitation or construction work, a preliminary development cost and proof that property is located in the current NSP3 target area . . The preliminary cost estimate will include applicable rehabilitation and maintenance ( carrying) costs. Upon receipt of required due diligence items, Grantee will inform Developer if there is one or more concerns based on its assessment of NSP3 compliance, financial feasibility, conformity to expenditure limits described herein, and the potential marketability of the property. If the concern (s) cannot be addressed by Developer, Grantee may disallow the property for inclusion/participation in the NSP3 . g . Maximum NSP3 expenditure per dwelling unit : Developer may spend no more than $ 130,000 on any single dwelling unit, unless Grantee gives written approval for an additional amount due to the strategic value of a property for the NSP3 program or unforeseen costs that were beyond the control of Developer. h . Average NSP3 expenditure per dwelling unit : The average NSP3 expenditure per dwelling unit may not exceed $ 115,000 ( including developer's fee ) . Grantee encourages Developer to acquire additional homes at a lower average NSP3 cost if it is feasible . This average may be administratively increased by Grantee staff if market conditions improve which causes an increase in acquisition costs and/or development costs. Developer shall provide evidence of this to Grantee staff, and . this information and Grantee's staff response shall be appended to this contract. i . Developer fee allowed per dwelling unit : The allowed developer fee is 10% of the purchase price and a fixed amount of $ 1, 000 per dwelling unit for rehabilitation of each dwelling unit . 1,Developer' s fee shall be due and payable as follows : 3 Page Amended and Re-stated NSP3 Developer Agreement: July 2 , 2013 F