2011-175B - Laserfiche WebLink

Home Browse Search

request or invoice, which will be presented to Grantee once the punch list has been completed . 3 . Requests for NSP3 funding of soft costs must be accompanied by invoices or other documents from subcontractors or other third parties indicating payment of eligible rehab /construction and soft costs as indicated by the line items in the Project Budget . 4 . Developer fees will be paid in three installments as indicated in the NSP3 Agreement — upon acquisition , completion of rehab/construction , and sale of the home . Developer will submit an invoice to Grantee for the fees due upon acquisition and completion of rehab/construction . Developer will be paid the third installment of the developer fee from the proceeds of the sale after the sale has closed and Developer has provided to Grantee all required documentation regarding the project, the buyer' s eligibility and the sale . I , 5 . The terms of the NSP3 Agreement determine whether the Developer Fee is calculated as a fixed dollar amount or a percentage of total development costs, not including the fee . If the fee is calculated as a percentage, once calculated in the original Project Budget , the fee amounts will be fixed dollar amounts . If actual total project costs exceed or are. less than the budgeted amounts, the developer fee will remain the same . We Pricing of Homes and Development Subsidies : Developer will set an asking price for NSP3 homes that is the lesser of the after- construction/ rehab market value, or total development costs . A . After- Construction/ Rehab Market Value Developer will , obtain an after- construction/ rehab appraisal . This appraised value will be the asking price for the home unless it is higher than the estimated total development cost of the home, in which case the price will be the same amount as the total development cost . Total development cost includes all acquisition , rehabilitation /construction and soft costs including the developer fee and any costs of providing down payment and closing cost assistance – regardless of the source of funds . Be Adjustments in Asking Price If no qualified offer is received within 60 days of first marketing a home , Developer may reduce the asking price by 5 % . If no qualified offer is received after final completion followed by 60 days of best efforts in marketing a home, Developer may reduce the original asking price by up to 10%, including previous adjustments, if any . Developer may make additional price reductions only with the written approval of Grantee . In any case, Developer may reduce asking prices only after making diligent and continuous efforts to market and sell a home . 13