25K - NEIGHBORHOOD STABILIZATION PROGRAM

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"NSP Funds" shall mean the money provided under the NSP Program (NSP 2) for the acquisition and rehabilitation of the Property hereunder. "Promissory Note" means the Promissory Note executed by the Developer encumbering the NSP Assisted Unit in the form attached hereto as Exhibit C. "Target area" shall mean the map attached hereto and incorportated herein as Exhibit A. "Term of Affordability" the term of affordability shall be fifty-five (55) years. "Very Low Income" means an adjusted income which does not exceed fifty percent (50%) of the area median income for the Orange County, California PMSA, adjusted for household size, as published by HUD. 200. PROPERTY ACQUISITION 201. Selection of Properties by Developer. Developer shall with reasonable diligence seek to identify proposed Eligible Properties which it determines may meet NSP Program Criteria. The Developer shall provide the City with its Acquisition/Rehabilitation Bid Analysis on each potential property to the City. Upon receipt of complete bid analysis, the City shall review said within two (2) working days, subject to final approval after inspection by City rehabilitation staff which shall occur within two (2) additional working days. The City will approve or reject properties for purchase through the NSP Program. Developer shall negotiate the purchase of the property with the current owner which must be consistent with NSP guidelines. 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 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. Any properties purchased in collaboration with NCST must comply with all NCST requirements and follow the NCST framework for acquisition of eligible properties. Developer shall work with the City's identified acquisition agent, currently ANR Homes, Inc., subject to future change. 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 maybe 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 4 25K-40