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Developer' s quota is stated in Developer' s NSP3 Agreement . Because it is crucial that ` Grantee meet the overall requirement, Developer must designate specific properties / being acquired as restricted to future occupancy by households at or below 50 % of AMI . Further, Developer must give priority to acquiring homes for households at or below 50 % of AMI as stated in the NSP3 Agreement , C . Property Investigations Developer is responsible for property investigations and will recoup the costs of investigations through a developer fee . Developer will identify potential properties for acquisition by researching public records, obtaining proprietary data about recent and pending foreclosures, contracting with real estate brokers and/or other effective methods . After making an offer, but prior to termination of the inspection period , Developer will complete the following tasks : 1 . Inspect the site conditions and structures and complete a preliminary rehab/construction cost estimate in a format that is acceptable to Grantee ; 2 . Complete a Project Budget that includes all proposed NSP3 - funded expenses for acquisition , site work, rehab/construction , holding costs, marketing/sales costs, closing costs, developer fee , and other soft costs ; 3 . Obtain an independent. appraisal indicating the as- is market value of the property to determine the proposed offer price ; and obtain a survey of the property; obtain a title report of the property, and obtain a wood destroying organisims report of the property . Grantee will pay costs of these activities . 4 . Verify and document in a property file that the property is vacant and has no personal possessions onsite . Documentation should include a signed and dated inspection report, photos, and notes from interviews with neighbors ( if available ) indicating the approximate last date of occupancy . If information from neighbors is not available , documentation should include data from a utility company or the Post Office indicating the date of terminating service . The seller must complete a form stating that the property meets all requirements of the URA . ; and 5 . Comply with federal Recovery Act protections for bona -fide tenants of residential properties foreclosed upon on or after February 17, 2009 . These requirements directly affect initial successors in interest ( ISII ) who take title to the property through foreclosure ( including lenders and others who purchase property at foreclosure sales ) . If Developer or Grantee knows that the 5