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intermediary aggregator or servicer that is not an NSP3 grantee, <br /> subrecipient, developer, or end user. <br /> 7 . Must be acquired with a valid deed free and clear of all encumbrances . <br /> Purchases with any other form of deed or with any lien , deed restriction , land <br /> lease or other encumbrance must be approved in writing by Grantee prior to <br /> Developer making an offer. <br /> B . Acquisition Objectives for Serving Households at or Below 50% of <br /> Area Median Income (AMI ) <br /> The NSP3 program requires that Grantee spend at least 25 % of its NSP3 award on <br /> developing homes and rental units that are reserved for households at or below 50% of <br /> AMI . Grantee, in turn, has given quotas for such units to its N5133 Developer. <br /> Developer' s quota is stated in Developer' s NSP3 Agreement . Because it is crucial that <br /> Grantee meet the overall requirement, Developer must designate specific properties <br /> being acquired as restricted to future occupancy by households at or below 50% of AMI . <br /> Further, Developer must give priority to acquiring homes for households at or below <br /> 50% of AMI as stated in the NSP3 Agreement . <br /> C . Property Investigations <br /> Developer is responsible for property investigations and will recoup the costs of <br /> investigations through a developer fee . Developer will identify potential properties for <br /> acquisition by researching public records, obtaining proprietary data about recent and <br /> pending foreclosures, contracting with real estate brokers and/or other effective <br /> methods . After making an offer, but prior to termination of the inspection period , <br /> Developer will complete the following tasks : <br /> 1 . Inspect the site conditions and structures and complete a <br /> preliminary rehab/construction cost estimate in a format that is acceptable to <br /> Grantee ; <br /> 2 . Complete a Project Budget that includes all proposed NSP3 - <br /> funded expenses for acquisition , site work, rehab/construction , holding costs, <br /> marketing/sales costs, closing costs, developer fee, and other soft costs ; <br /> 3 . Obtain an independent appraisal indicating the as- is market value <br /> of the property to determine the proposed offer price ; and obtain a survey of <br /> the property; obtain a title report of the property; and obtain a wood destroying <br /> organisims report of the property. Grantee will pay costs of these activities . <br /> 5 <br />