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2013-161
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Last modified
12/8/2015 9:31:25 AM
Creation date
10/1/2015 5:31:58 AM
Metadata
Fields
Template:
Official Documents
Official Document Type
Agreement
Approved Date
08/20/2013
Control Number
2013-161
Agenda Item Number
12.A.1
Entity Name
Habitat for Humanity
Department of Housing and Urban Development
Subject
Neighborhood Stabilization Program 3
Alternate Name
HUD
Supplemental fields
SmeadsoftID
12163
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development costs . Developer shall provide evidence of this to Grantee staff, and <br /> this information and Grantee' s staff response shall be appended to this contract . <br /> L Developer fee allowed per dwelling unit : The allowed developer fee is <br /> 10% of the purchase price and a fixed amount of $ 1 ,000 per dwelling unit for <br /> rehabilitation of each dwelling unit . Developer' s fee shall be due and payable as <br /> follows : <br /> An amount equal to five percent ( 5% ) of the purchase price paid to the seller for the <br /> property being acquired shall be due and payable to Developer upon the acquisition <br /> of each property by Developer. <br /> One thousand dollars ( $ 1,000) per unit will be paid upon final inspection approval <br /> by Grantee of the rehabilitation of each unit . <br /> An amount equal to five percent ( 5%) of the purchase price paid to the seller for the <br /> property shall be due and payable to Developer at the time of resale of the dwelling <br /> unit . <br /> It is understood by both parties that the Grantee, utilizing NSP funding, will pay all <br /> costs associated with the acquisition and rehabilitation of each property, including <br /> all closing costs and recording fees . <br /> It is understood by both parties that Developer is responsible for obtaining property <br /> insurance, coordinating yard maintenance, providing all utilities, paying all property <br /> taxes, and maintaining the acquired housing units; however, the cost of all services <br /> required for each housing unit, beginning at initial acquisition of the property by <br /> Developer and ending at resale of the property, will be paid by Grantee utilizing NSP <br /> funding or paid by the Developer and reimbursed by Grantee utilizing NSP funding . <br /> j . Allowed amount of NSP3 Homeowner Financial Assistance per buyer <br /> secured by a second mortgage and note : The allowed amount of NSP3 Homeowner <br /> Financial Assistance per Buyer is described in the Program Manual . The total <br /> amount of Homeowner Financial Assistance will be recaptured and the obligation <br /> secured by a promissory note and mortgage with the Grantee named as lien holder, <br /> with an amount and terms as defined elsewhere in this section and in the Program <br /> Manual . <br /> k . Minimum cash contribution by buyer: Each buyer of an NSP3 home will <br /> provide a minimum amount of cash or family gifts toward the combined down <br /> payment and closing costs, as described in the Program Manual . <br /> I . Acquisition, rehabilitation/ construction and soft costs listed in Exhibit A <br /> are not subject to per- home cost limits on a line- item basis, but must be reasonable <br /> and ordinary costs of development and, in the aggregate, must conform to the per- <br /> home cost limits and average costs described in Section I (A) (4 ) . No NSP3 funds may <br /> be spent for purchases of equipment or furnishings. <br /> 4 Page Amended and Re-stated NSP3 Developer Agreement : August 20, 2013 <br />
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