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All applicants will be required to complete a pre -approval application and provide all requested back up documentation required to determine their program eligibility. When requested, the applicant shall provide any additional and updated information to document changes in household income and/or composition. Prior to the closing on each housing unit, the homeownership sub -recipient shall provide a list of qualified applicants for purchase of the resale housing units to the CATF and Indian River County Board of County Commissioners The CATF and Board of County Commissioners will review the list of potential homebuyers to ensure a Conflict of Interest does not exist with anyone on the list. All program beneficiaries who will be purchasing housing units will be required to attend, at a minimum, 8 hours of approved credit counseling. The credit counseling shall be provided by a HUD certified organization prior to final approval of the beneficiary through the NSP Program. General Provisions There will be no acquisition or rehabilitation of mobile homes, modular homes or other forms of manufactured housing with NSP dollars under this program. All recipients of properties purchased under the local NSP program will be required to provide proof of insurance at closing and maintain homeowners insurance including, at a minimum, fire, liability, causality and, theft insurance. The owners of all properties purchased with NSP funding that are located in a flood zone must provide proof of flood insurance at closing and maintain flood insurance for the life of the mortgage. All required insurance policies must be maintained for the length of time that the mortgage with the local government is in effect. Developers will be allowed a developer's fee (maximum of 12% of the line item activity budget) and Sub -recipients will be allowed the actual cost for: 1. Marketing the property; 2 Finding and qualifying applicants for purchase or rental of the property 3. Assisting prospective home buyers in obtaining fixed rate mortgages. 4. Working with local government staff and the consultant to verify that all grant requirements are being adhered to. 5. Providing for the maintenance of the property during the period of time that the property is owned by the sub -recipient or developer. 6. Assisting the applicant with the home buying process. 1. REHABILITATION STANDARDS Neighborhood Stabilization Program funds will be utilized to purchase foreclosed, abandoned, deed in lieu of foreclosure, blight properties and/or other financially 4