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(1) Pursuant to NSP requirements, the county will sell houses acquired with NSP funds to qualified low <br />and moderate income households. In so doing, the county will comply with the resale property <br />disposition criteria in the county's CDBG NSP HAP or NSP Program Manual (as applicable). <br />(2) To be eligible to purchase an NSP house, a buyer must meet the qualification standards listed in the <br />HAP. Specifically, a potential buyer must have an income in the low or moderate income category, <br />have the minimum downpayment amount, and qualify with a financial institution for a principal <br />mortgage in an amount adequate to purchase an NSP house with county/NSP gap financing <br />assistance. For each prospective NSP buyer, the county will conduct an income qualification <br />assessment. NSP houses will then be sold on a first come/first served basis. <br />(3) The county will provide notice of intent to sell NSP houses in several ways. These may include, but <br />not be limited to, newspaper advertisements, brochures, multiple listing service, and website notice. <br />(4) Once the rehabilitation of an NSP house is complete, the county will have the rehabilitated house <br />appraised. The lower of the appraised value or the total of the acquisition, maintenance and <br />rehabilitation cost of the house will then be the house's selling price. Once the selling price is set, the <br />county will sell the house at the selling price to the first qualified buyer. If, however, a new appraisal <br />indicates that the house's value is less than the selling price, the house will be sold for the new <br />appraised 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 and <br />other documents associated with the sale of NSP properties. <br />(Ord. No. 2012-006, § 2, 5-1-12; Ord. No. 2014-008, § 1(App. A), 4-15-14) <br />Editor's note— Former § 308.15. <br />F:\Community Development\SHIP\AHAC- Affordable Housing Advisory Committee\Resolutions and Ordinances\2019 Resolution and Ordinance <br />Revisions\Final Ordinance\APPENDIX A - CHAPTER 308 - Proposed AHAC Membership Edits.doc <br />Page 8 <br />