ANR HOMES INC. -2009 - Laserfiche WebLink

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Developer shall negotiate the purchase of the property with the current owner which must be consistent with NSP guidelines. Developer has the capacity to finance up to 80 percent of costs with its own acquisition/construction lender. Developer shall take, insure and hold title to the property, and prepare a scope of work to be reviewed by the City. The City anticipates mainly using NSP funds for acquisition, costs associated with maintenance, sales and other related soft costs. The actual number of housing units to be acquired and rehabilitated by Developer will be determined by the City in its sole discretion based in part on the amount of NSP Funds awarded to Santa Ana. 202. Properties Provided by the National Community Stabilization Trust. The parties shall also be working in conjunction with the National Community Stabilization Trust (NCST) to identify potential eligible properties. Each of the parties has signed a Memorandum of Understanding with NCST and agreed to the Acquisition Program Guidelines issued by NCST. Any properties purchased in collaboration with NCST must comply with all NCST requirements and follow the NCST framework for acquisition of eligible properties. As the City's partner with NCST, Developer shall work with the City's approved intermediary(ies) for the Rental Program, or to other non-profit organizations implementing similar programs that the City may identify, to provide potential eligible properties. 203. Offer to Purchase. Any offers to purchase must include a contingency for appraisal to be in compliance with NSP Regulations. Once appraisal is in compliance, then a final offer to purchase may be submitted. 204. Appraisals. The City issued a Request for Proposals (RFP) in order to establish a list of qualified appraisers. The appraisers selected are experienced, qualified and meet the NSP appraiser requirements. The City shall provide its approved list of appraisers to be used for all NSP activities to the Developer. Developer shall select and pay the appraiser directly as one of its development costs. 205. Funding of Acquisition. City shall deposit into escrow, funds for Developer as agreed upon during the Selection Phase. City shall record a lien, in the form of a Deed of Trust (attached hereto and incorporated herein as Exhibit C), against each of the selected properties equal to the amount of money deposited into escrow for such property. Said lien will be released upon sale of the Property to a qualified homebuyer, when the Deed of Trust and Promissory Note are executed. The City is willing to subordinate its Deed of Trust to the primary lender. 300. REHABILITATION REQUIREMENTS. The following Rehabilitation Requirements shall apply to all NSP Assisted Units: 301. Permits and Approvals. Developer shall diligently obtain all permits, including all building permits, licenses, approvals, exemptions and other authorizations of governmental agencies required in connection with the rehabilitation of the Property. 302. Commencement and Completion of Rehabilitation. The Rehabilitation shall be