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distressed properties as allowed by HUD and DCA in predetermined target areas. Residential structures purchased under this progi am that are not deemed beyond feasible repair (repairs exceeding 50% of the value of the structure) will be rehabilitated as needed to meet the followings 1. HUD Section 8 Housing Quality Standards (24CFR982.401) 2 Local Zoning Requirements 3. State of Florida Building Code 4. The local building code 5. Modern, Green Building and Energy -Efficiency Criteria 6. Florida Energy Efficiency Code for Building Construction (Newly Constructed Housing Units) 7. Accessibility requirements of 24 CFR Part 8, 24 CFR 100 201, and 24 CFR 100 205 Parcels and residential structures acquired under this program will be purchased at no more than ninety-nine percent (99%) of the current appraised market value of the property. Current appraised value will be determined by an appraisal completed by a licensed real estate appraiser within 60 days prior to the closing on the property. The Housing Specialist will assign a case number and evaluate each property being considered for purchase under the program The initial inspection will result in a report of finding which will be used in the consideration for purchase. Homes considered for purchase under this program will be evaluated by the local Housing Specialist and/or Non -Profit and/or For Profit sub -recipient, and/or Non -Profit Developer, and/or For Profit Developer, and a written evaluation of property condition and extent of rehabilitation will be submitted to County staff for review prior to the completion of the due diligence period for the property. Written notification will be submitted by certified mail or other form of delivery which includes receipt confirmation to all property owners whose properties were initially under contract for purchase under this program, but later were eliminated from consideration. Prior to the County moving forward with carrying out its due diligence on any parcel being considered for purchase, the owner of the parcel to be acquired under this program, will be required to sign a purchase option contract with the County, its sub -recipient, or developer that commits the property owner to sell the property. The County will not exercise any powers of eminent domain as part of the NSP Program. All contractors will be required to maintain and provide proof of builders risk insurance on all new construction and rehabilitation contracts under the NSP Program. The County will advertise for contractors in a newspaper published in a Metropolitan Statistical Area (MSA) with circulation throughout Indian River County The County will allow contractors a minimum of 15 days to submit prequalification packages. All 5