25K - NEIGHBORHOOD STABILIZATION PROGRAM

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505. Selection of Buyers. The Developer shall provide the City with a copy of its Marketing Plan which shall set forth how the Developer plans to provide interested households with information about the NSP Assisted Units. The Developer shall be solely responsible for the selection of qualified purchasers of the NSP Assisted Units, subject to final approval by the City. Developer shall ensure that there will be adequate homebuyer education with HUD approved pre- and post- purchase counseling. Pre-purchase counseling must be completed PRIOR to close of escrow. 506. Marketing and Outreach Plan. The goal of the Marketing and Outreach Plan is to insure that the marketing of affordable for-sale housing be as broad and inclusive as possible in order to inform and attract as many prospective buyers as possible. The Outreach and Marketing Plan and the associated applicant selection procedures will be targeted to purchasers regardless of race, color, religion, sex, disability status, familial status or national origin. Information shall also be provided on the Developer's website, City of Santa Ana website, City cable channel, Workforce Investment Board, Santa Ana Chamber of Commerce, Santa Ana Unified School District, Rancho Santiago Community College District, Community Development Resource Network Newsletter and through neighborhood associations. 507. Verification of Homebuyer Income. Prior to the sale of any NSP Assisted Unit to a Homebuyer, the Developer shall submit to the City a completed income computation and certification form from each Homebuyer of the NSP Assisted Unit in the form which is provided by the City. Each Homebuyer shall certify, to the best of the Homebuyer's knowledge, that it is a Low or Moderate Income Household and meets the eligibility requirements established for the NSP Assisted Unit. The Developer shall obtain an income verification and lender's packet from the prospective purchaser of an NSP Assisted Unit (which shall be provided to the City). For purposes of this Program, income will be calculated per HUD guidelines for federal programs (Exhibit E: HUD Part 5 Income & Assets Definitions). For purposes of such certification, the Developer shall verify the income certification of the prospective Homebuyer in one or more of the following methods reasonably acceptable to the City: (a) obtain three (3) paycheck stubs from the prospective Homebuyer's three (3) most recent pay periods. (b) obtain a true copy of an income tax return from the prospective Homebuyer for the most recent three tax years in which a return was filed. (c) obtain an income verification certification from the employer of the prospective Homebuyer. (d) obtain an income verification certification from the Social Security Administration and/or the California Department of Social Services if the prospective Homebuyer receives assistance from such agencies. (e) obtain an alternate form of income verification reasonably acceptable to the City, if none of the above forms of verification is available to the Developer. 10 25K-26