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Project Budget : A budget for all acquisition , rehab/construction and soft costs for a particular <br /> home that Developer must submit to Grantee prior to committing to purchase any property for <br /> use in the NSP3 program . <br /> III . Key Terms of NSP3 Financing <br /> Developer' s expenditures for program delivery will be limited as follows . <br /> A . Funding of Demolition Costs <br /> Developer shall not use NSP3 funds to acquire properties that may need to be <br /> demolished , and Developer shall not use NSP3 funds to demolish properties . <br /> B . Maximum NSP3 Expenditure Per Dwelling Unit <br /> Developer must receive written approval of a property- specific Project Budget prior to <br /> any expenditure . Developer may spend no more than $ 100, 000 on any single dwelling <br /> unit, unless Grantee gives written approval to an additional amount due to the strategic <br /> value of a property for the NSP3 program or unforeseen costs that were beyond the <br /> control of Developer . <br /> C . Maximum Development Subsidy Per. Unit <br /> The development subsidy per dwelling unit, defined as the amount of NSP34unded <br /> investment in excess of the market value that does not have to be recaptured from <br /> Developer or the homebuyer, may not exceed $ 15 , 000 unless approved by grantee to <br /> reflect unusual/changed circumstances, See Section IX . of this Manual for more detailed <br /> requirements . <br /> D . Developer Fee Allowed Per Dwelling Unit <br /> See the Agreement between Developer and Grantee . <br /> E . General Contractor Fee Allowed <br /> If Developer is acting as general contractor and thus hiring and managing <br /> subcontractors, Developer may charge an additional fee in the form of a 10 , "mark- up of <br /> subcontractor costs . Developer' s reimbursement requests for construction costs may <br /> include a 10 % mark- up of all valid , documented costs of subcontractors who have <br /> performed construction work . Such mark- up , however, may not be applied to non - <br /> construction costs such as taxes, insurance, security, general requirements , or working <br /> capital costs . No such fees will be paid to Developer for any NSP3 property that is <br /> rehabilitated or built by a third - party general contractor . All general contractors <br /> performing work on NSP3 - assisted projects must be properly licensed . <br /> F . Allowed Sales Fee or Commission and Marketing Costs <br /> 2 <br />