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• No lead paint <br /> • Appropriate zoning and permits <br /> • No liens <br /> Property purchase prices will average no more than 85 % of the current appraised market <br /> value of all properties purchased . <br /> Once an offer is accepted by a seller , the following activities will be carried out : <br /> • A property survey will be completed . If the property is located in a 100 year <br /> flood zone , the survey will include information on existing floor elevations . <br /> • A Phase 1 Environmental Assessment will be prepared for the property . <br /> • A title search will be performed , and the feasibility to obtain title insurance on the <br /> property will be determined . <br /> • The current zoning of the property will be researched to verify that the property is <br /> properly zoned for the intended use . <br /> The property closing will take place at a title company or attorney ' s office . <br /> A deed restriction requiring the property remain affordable for a minimum of twenty - five <br /> years wilt be placed upon each property . <br /> A promissory note and mortgage will be placed on each property purchased with NSP <br /> funds . The mortgage will be for an unlimited term at a zero interest rate . There will be <br /> no forgiveness of the mortgage . The mortgage will be due and payable to the County <br /> when title to the property transfers from the parties on the mortgage . <br /> A deed restriction will also be placed on the property requiring that the property remain <br /> affordable to the specified Area Median Income ( AMI ) group for a minimum of twenty - <br /> five years . <br /> If the local govermnent decides not to purchase a property after the local government has <br /> notified the property owner in writing that it is considering purchasing the property , a <br /> letter notifying the property owner of the local government ' s decision not to purchase the <br /> property will be sent by certified mail to the property owner . <br /> 4 . DISPOSITION SALE <br /> Sub - recipients will be allowed a developer ' s fee (maximum of 12 % of the line item <br /> activity budget) for : <br /> 1 . Marketing the property ; <br /> 2 . Finding and qualifying applicants for purchase or rental of the property <br /> 3 . Assisting prospective home buyers in obtaining fixed rate mortgages . <br /> 4 . Working with local government staff and the consultant to verify that all grant <br /> requirements are being adhered to . <br /> 9 <br />