2011-149 - Laserfiche WebLink

Home Browse Search

o The current zoning of the property will be researched to verify that the property is properly zoned for the intended use . The property closing will take place at a title company or attorney ' s office . For each property acquired with NSP funds and sold to a qualifying household, a promissory note and mortgage will be placed on the property . The mortgage will be for fifteen ( 15 ) years at a zero interest rate . If the term of the mortgage has not been completed at time of sale of the property , the mortgage will be due and payable to the County when title to the property transfers from the parties on the mortgage . For each property acquired with NSP funds and rented to a qualifying household , a deed restriction will be placed on the property requiring that the property remain affordable and rented to a household in the specified Area Median Income (AMI) group for a minimum of fifteen ( 15 ) years . If the local government decides not to purchase a property after the local government has entered into a contract to purchase the property, a letter notifying the property owner of the local government ' s decision not to purchase the property will be sent by certified mail or other form of delivery with verifiable evidence of delivery to the property owner . 4 . RESALE PROPERTY DISPOSITI ®N The disposition of properties acquired in the resale strategy will be as follows : 1 . The County , the County ' s Sub -recipient or the County ' s Developer will advertise for applicants . 2 . Applicants will complete a NSP CDBG home purchase application and submit that complete application to the County ' s Sub -recipient or the County ' s Developer (as applicable) . That application shall include an acceptable first mortgage pre - qualification letter from an eligible first mortgage lender and any other required information . 3 . Applicants who submit a complete NSP CDBG application package will be considered " qualified homebuyers" to participate in the NSP CDBG home purchase program . Qualified homebuyers will be ranked on a first qualified, first complete application basis . 4 . When a group of housing units are ready for resale to qualified homebuyers , a meeting will be held with qualified homebuyer applicants to review general requirements . At that meeting, a list of the housing units will be provided to the homebuyers . 5 . A first look period for a minimum of fifteen calendar days will be given for the potential qualified homebuyers to view the available properties . A minimum of one open house will be scheduled for each property during the first look period . 6 . During the first look period , qualified homebuyer applicants may submit a list of the houses they would like to purchase in priority order . 7 . Based on the lists received from the qualified homebuyer applicants , the County ' s Sub-recipient or the County ' s Developer (as applicable) will tabulate and develop a housing unit sale prioritization list and will notify each potential homebuyer of 11