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government's NSP program. The organizations selected will be utilized to acquire and rehabilitate foreclosed properties. The selected properties will be sold to eligible homebuyers as their primary residence. All proposals received will be evaluated and ranked based on each organization's ability to best address the activities included in the NSP program in the time allowed. The proposed ranking will be submitted to the Indian River County Commission for final action. A sub -recipient or developer agreement will be executed with each approved organization. Once selected, each organization will be provided with a list of available properties that meet the requirements of the NSP program. From that list, each organization will develop a list of properties that it would like to purchase in order to carry out its NSP program strategy. All properties considered for acquisition will be inspected by the housing specialist, and a written report and cost estimate will be prepared and presented to County staff This report and cost estimate will be used to determine which properties would best address the strategies to be carried out as part of the County's NSP program. An appraisal will be prepared for each property considered for purchase. No longer than sixty (60) days after the completion of the appraisal report on the property, a written offer to purchase will be submitted by the local government, its sub - recipient or developer partner to the property owner utilizing the Florida Association of Realtors purchase option contract which has been approved by the Florida BAR. The contract shall include the following contingencies: • No lead paint • Appropriate zoning and permits • No liens For each property acquired with NSP funds, the purchase prices will not exceed 99% of the current appraised market value of the property. Once an offer is accepted by a seller, the following activities will be carried out: • A property survey will be completed. If the property is located in a 100 year flood zone, the survey will include information on existing floor elevations. • A Phase 1 Environmental Assessment will be prepared for the property, if the property is located in or in close proximity a known Brownfield area. • A title search will be performed, and the feasibility to obtain title insurance on the property will be determined. 10