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• The current zoning of the property will be researched to verify that the property is properly zoned for the intended use. The property closing will take place at a title company or attorney's office. For each property acquired with NSP funds and sold to a qualifying household, a promissory note and mortgage will be placed on the property. The mortgage will be for fifteen (15) years at a zero interest rate. If the term of the mortgage has not been completed at time of sale of the property, the mortgage will be due and payable to the County when title to the property transfers from the parties on the mortgage. For each property acquired with NSP funds and rented to a qualifying household, a deed restriction will be placed on the property requiring that the property remain affordable and rented to a household in the specified Area Median Income (AMI) group for a minimum of fifteen (15) years. If the local government decides not to purchase a property after the local government has entered into a contract to purchase the property, a letter notifying the property owner of the local government's decision not to purchase the property will be sent by certified mail or other form of delivery with verifiable evidence of delivery to the property owner. 4. RESALE PROPERTY DISPOSITION The disposition of properties acquired in the resale strategy will be as follows: 1. The County, the County's Sub -recipient or the County's Developer will advertise for applicants. 2. Applicants will complete a NSP CDBG home purchase application and submit that complete application to the County's Sub -recipient or the County's Developer (as applicable). That application shall include an acceptable first mortgage pre -qualification letter from an eligible first mortgage lender and any other required information. 3. Applicants who submit a complete NSP CDBG application package will be considered "qualified homebuyers" to participate in the NSP CDBG home purchase program. Qualified homebuyers will be ranked on a first qualified, first complete application basis. 4. When a group of housing units are ready for resale to qualified homebuyers, a meeting will be held with qualified homebuyer applicants to review general requirements. At that meeting, a list of the housing units will be provided to the homebuyers. 5. A first look period for a minimum of fifteen calendar days will be given for the potential qualified homebuyers to view the available properties. A minimum of one open house will be scheduled for each property during the first look period 6. During the first look period, qualified homebuyer applicants may submit a list of the houses they would like to purchase in priority order. 7. Based on the lists received from the qualified homebuyer applicants, the County's Sub -recipient or the County's Developer (as applicable) will tabulate and develop a housing unit sale prioritization list and will notify each potential homebuyer of 11