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ISO did not comply with the NSP3 tenant protections and vacated the property <br /> contrary to Recovery Act requirements, developer must abandon the transaction <br /> or find an alternative source of funds . NSP3 funds cannot be used for such <br /> properties . <br /> D . Grantee Approval of Property Acquisitions or Contributions of <br /> Developer- Owned Properties <br /> Developer will follow these procedures in order to obtain Grantee ' s approval prior to <br /> acquiring properties for this program or contributing properties to this program . <br /> 1 . Transmit electronically a property information package to Grantee <br /> that includes the following ; <br /> a ) A detailed rehab work write - up and cost estimate , <br /> material specifications and cost estimate . Rehab estimates will include a <br /> 15 % contingency line item . <br /> b ) An appraisal indicating the as- is property value . <br /> C ) A complete copy of the draft Purchase Agreement with the <br /> NSP3 - required conditional purchase agreement addendum . See <br /> Appendix A for the approved language , which makes the offer conditional <br /> upon an approved environmental review and the contract price being at <br /> least 1 % less than market value as indicated by an appraisal to be <br /> obtained by Developer . If the agreement calls for Developer to pay for <br /> taxes or other liens or assessments in arrears, those amounts must be <br /> added to the contract price for purposes of calculating the discount from <br /> market value . <br /> d ) Evidence that the property is foreclosed , abandoned or <br /> vacant . <br /> E . Properties with Accessory Structures Requiring Demolition <br /> Written advance permission of Grantee must be obtained before offers may be made on <br /> properties on which accessory structures are blighted or beyond repair and therefore <br /> require demolition . Deteriorated accessory buildings that may require demolition must <br /> be included in the work write - up and cost . Upon Grantee approval of project work <br /> write- ups or plans and specifications , those accessory buildings may be demolished . <br /> F . Purchase Offers <br /> Developer will manage purchase offers as follows : <br /> 6 <br />