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<br /> Executive Director) for "punch-list" items. Such holdback will be released when all punch-list <br /> items have been completed to the satisfaction of City. <br /> 408. Waiver of Disbursement Conditions. Unless City otherwise agrees in writing, <br /> the making by City of any disbursement with knowledge that any condition to such disbursement <br /> is not fulfilled shall constitute a waiver of such condition only with respect to the particular <br /> disbursement made, and such condition shall be condition to all further disbursements until <br /> fulfilled. <br /> 409. Modification of Disbursement Conditions and Procedures. The Executive <br /> Director shall have the authority to modify the disbursement conditions and procedures set forth <br /> herein in order to conform them to the payment provisions of the Rehabilitation Contract. <br /> 500. COVENANTS, RESTRICTIONS, SALE TO HOMEBUYERS <br /> 501. Reserved. <br /> 502. Selection of Broker by Developer. Developer shall select local real estate <br /> brokers that are most knowledgeable of the market and have a successful track record in the area. <br /> Selection of the broker will be based on criteria such as volume of sales in the area, days on the <br /> market, and comparison of listing price versus sales price, excluding foreclosed properties. The <br /> number of brokers shall be reviewed periodically based on program needs and volume. <br /> 503. NSP Assisted Units. Developer agrees to make available, restrict occupancy to, <br /> and sell each of the NSP Assisted Units to Low or Moderate Income Households (as that term is <br /> herein defined) at an Affordable Housing Cost. In addition, the Developer agrees to cooperate <br /> with the Agency in any subsidized loan program the Agency may in its sole discretion make <br /> available to Low or Moderate Income Household purchasers of some or all of the NSP Assisted <br /> Units. <br /> 504. Sales price. <br /> Single Family Homes: Upon completion, the homes will be marketed and <br /> sold to households with incomes at or below 120 percent of the area median <br /> income, for the sale amount indicated below. Each property must be sold to a <br /> qualified homebuyer household at an affordable price. In no case shall the <br /> sales price be greater than the lesser of (a) fair market value or (b) the total <br /> costs to acquire and rehabilitate the property per NSP guidelines. The City <br /> assumes that properties cannot be sold for more than their market value, <br /> regardless of the development costs (acquisition, rehab, other eligible costs, <br /> developer fee). The City expects to reimburse eligible costs that cannot be <br /> recovered from the sale price. Amounts may be amended periodically to <br /> reflect changes published by HUD. <br /> 9 <br /> 25K-25 <br /> <br />