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2011-175B
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Last modified
2/15/2016 9:45:45 AM
Creation date
10/1/2015 2:45:59 AM
Metadata
Fields
Template:
Official Documents
Official Document Type
Miscellaneous
Approved Date
08/16/2011
Control Number
2011-175B
Agenda Item Number
12.A.3
Entity Name
Department of Housing and Urban Development
Subject
Neighborhood Stabillzation Single Family Purchase
Redevelopment and Sales Program Manual
Alternate Name
NSP3
Supplemental fields
SmeadsoftID
10094
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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 />
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