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I . Reuse of Net Proceeds of Sale Unless needed by Grantee for grant administration or other CDBG eligible activities, the amount of each repayment to Grantee of net proceeds of sale will be added to Developer' s allocation of NSP3 funds and be available to Developer to perform additional NSP3 activities as approved in writing by Grantee during the period of performance in the NSP3 Agreement . After that period concludes, any remaining allocation to Developer will expire . Such additional allocation amounts are subject to recapture and reallocation by Grantee if Developer fails to perform in accordance with the agreed - upon delivery schedule . IV . Property Acquisition A . Eligible Properties Eligible properties must meet the following criteria : 1 . Must be located in the NSP3 Target Area (s ) indicated in the NSP3 Agreement . 2 . Must have no substantial adverse environmental factors as determined by an environmental review . See Section G below; 3 . Must have only one dwelling unit on site unless, with Grantee' s advance approval in writing, Developer proposes to acquire two or more small dwelling units to combine to create a more livable and marketable home; 4 . Must otherwise be suitable locations for marketing and resale of homes to income-qualified homebuyers . 5 . Must be unoccupied and have no personal possessions on site . If Developer discovers that a property is occupied or has personal possessions on site, Developer must immediately abandon the investigation and inform the seller that the property will not be considered for purchase . 6 . Must be in the following NSP3 property category : a ) Foreclosed : The property is at least 60 days delinquent on its mortgage and the owner has been notified ; or the property owner is 90 days or more delinquent on tax payments; or under state or local law, foreclosure proceedings have been initiated or completed , or foreclosure proceedings have been completed and title has been transferred to an 4