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(2) To be eligible to purchase an NSP house, a buyer must meet the qualification standards <br />listed in the HAP. Specifically, a potential buyer must have an income in the low or moderate <br />income category, have the minimum downpayment amount, and qualify with a financial <br />institution for a principal mortgage in an amount adequate to purchase an NSP house with <br />county/NSP gap financing assistance. For each prospective NSP buyer, the county will <br />conduct an income qualification assessment. NSP houses will then be sold on a first <br />come/first served basis. <br />The county will provide notice of intent to sell NSP houses in several ways. These may <br />include, but not be limited to, newspaper advertisements, brochures, multiple listing service, <br />and website notice. <br />(4) Once the rehabilitation of an NSP house is complete, the county will have the rehabilitated <br />house appraised. The lower of the appraised value or the total of the acquisition, <br />maintenance and rehabilitation cost of the house will then be the <br />house's selling price. <br />(3) <br />Once the selling price is set, the county will sell the house at the <br />selling price to the first qualified buyer. If, however, a new appraisal indicates that the <br />house's value is less than the selling price, the house will be sold for the new appraised <br />value. The manner of acquisition will be by warranty deed from the county. <br />(5) All sales of NSP properties will comply with the county's comprehensive plan and zoning. <br />(6) The chairman of the board of county commissioners is hereby authorized to execute deeds <br />and other documents associated with the sale of NSP properties. <br />(Ord. No. 2012-006, § 2, 5-1-12) <br />F:\Community Development\SHIP\LHAP\CHAPTER 308 underline and strikethru.doc <br />13 <br />134 <br />