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A . Eligible Properties <br /> Eligible properties must meet the following criteria . <br /> 1 . Must be located in the NSP3 Target Area ( s ) indicated in the NSP3 <br /> Agreement . <br /> 2 . Must have no substantial adverse environmental factors as <br /> determined by an environmental review . See Section G below; <br /> 3 . Must have only one dwelling unit on site unless, with Grantee' s <br /> advance approval in writing, Developer proposes to acquire two or more small <br /> dwelling units to combine to create a more livable and marketable home ; <br /> 4 . Must otherwise be suitable locations for marketing and resale of <br /> homes to income- qualified homebuyers . <br /> 5 . Must be unoccupied and have no personal possessions on site . If <br /> Developer discovers that a property is occupied or has personal possessions on <br /> site, Developer must immediately abandon the investigation and inform the <br /> f <br /> seller that the property will not be considered for purchase . <br /> 6 . Must be in the following NSP3 property category : <br /> a ) Foreclosed : The property is at least 60 days delinquent on its <br /> mortgage and the owner has been notified , or the property owner is 90 <br /> days or more delinquent on tax payments ; or under state or local law, <br /> foreclosure proceedings have been initiated or completed ; or foreclosure <br /> proceedings have been completed and title has been transferred to an <br /> intermediary aggregator or servicer that is not an NSP3 grantee , <br /> subrecipient , developer; or end user . <br /> 7 . Must be acquired with a valid deed free and clear of all encumbrances . <br /> Purchases with any other form of deed or with any lien , deed restriction , land <br /> lease or other encumbrance must be approved in writing by Grantee prior to <br /> Developer making an offer . <br /> Be Acquisition Objectives for Serving Households at or Below 50% of <br /> Area Median Income (AMI ) <br /> The NSP3 program requires that Grantee spend at least 25 % of its NSP3 award on <br /> developing homes and rental units that are reserved for households at or below 50% of <br /> AMI . Grantee, in turn , has given quotas for such units to its NSP3 Developer. <br /> 4 <br />