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APPENDIX A <br /> SCOPE OF SERVICES <br /> OVERVIEW <br /> The Florida Department of Community Affairs awarded a $4,680, 825 Neighborhood <br /> Stabilization Program (NSP) Community Development Block Grant (CDBG) to Indian River <br /> County. <br /> Seventy-five percent (75%), or $3 ,598 , 543 , of the $4,680, 825 must be used to acquire and <br /> rehabilitate foreclosed homes for sale and rental to individuals and families with incomes that do <br /> not exceed one hundred and twenty percent ( 120%) of area median income and for grant <br /> administration. The remaining twenty-five percent (25%) of the county ' s NSP funds <br /> ($ 1 ,082,282) must be used to provide rental housing for individuals and families whose incomes <br /> do not exceed fifty percent (50%) of area median income. <br /> NSP funds must be used to purchase and redevelop abandoned or foreclosed properties for re- <br /> sale to income eligible households; offering principal reduction assistance to low-to-moderate- <br /> income homebuyers ; and for renting to income eligible households . <br /> PROJECT REQUIREMENTS <br /> Indian River County Housing Authority is allocated $2 , 101 ,264. 50 of the $3 , 598 ,543 to acquire, <br /> rehabilitate, and sell a minimum of ten ( 10) housing units (unless the County/DCA contract is <br /> amended to revise the number of units) to households not exceeding 120 percent of area median <br /> income. <br /> In carrying out the project, the county grant administrator will perform the following <br /> programmatic services: <br /> • Locate housing units within the NSP target areas that are eligible for purchase utilizing <br /> NSP funding and provide a list of eligible housing units to the Housing Authority; <br /> • Negotiate with financial institutions for the purchase of NSP eligible properties the <br /> Housing Authority is interested in purchasing; <br /> • For each housing unit that is being considered for acquisition with NSP funding, develop <br /> a list of property improvements and an estimated cost for each of these improvements <br /> that will need to be completed prior to the housing unit being occupied; <br /> • Complete the due diligence on each property, including but not limited to the following : <br /> • Obtain a property appraisal report to determine the fair market value of the property, <br /> • Research the zoning and land use of the property, and ensure they are compatible <br /> with the intended use of the property, <br /> 32 <br />