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• Approve proposed sales to selected homebuyers. The City will review and approve <br />homebuyers as to their income eligibility, credit worthiness, compliance with the City's <br />downpayment requirement and debt ratios. <br />• Obtain all required City signatures on sales - related documents. <br />• Obtain all HUD required programmatic approvals and clearances. <br />S. Intermediary Responsibilities <br />The selected intermediary will be responsible for the followin <br />• Identify properties eligible for acquisition under t <br />V <br />• Negotiate purchase of the property with the c <br />which are at least 1% below current mark I e. <br />• Obtain an appraisal from a City appro., �!i praiser. <br />d� <br />• Obtain financing for the purchase, carry osts, reh� <br />properties., <br />• Take and hold title to the p <br />• For each property, and in coor ti the Cit li <br />needed rehabilitation." <br />e hw <br />• Provide an an veto me the <br />p <br />• The City req, hat all es be inshfor term <br />that corrective u n be to n. <br />M. <br />, and obtain purchase prices <br />ilitation, Adhale of the <br />lop a scope of work for any <br />proposed property. <br />infestation and damage, and <br />• A as ap : ' u of re`A` ilitation work, obtain bids for the work <br />�;. quali i ", tract nd sub" i , pposed rehabilitation plan and budget to <br />for approva stru contract "`Ray not be signed and work may not <br />cord pence without appr I, f the rehabilitation plan and budget. <br />• With `,t City appro a inte `ediary may choose to act as its own general <br />con trac� n that eve' e requirement to prepare and submit the proposed <br />rehabilitatio ' an and get to the City for approval must still be met. <br />• Intermediarie in eir own contractors, and hence not soliciting competitive bids <br />for construction ust submit all information the City may require to insure that <br />the proposed costs a`' a reasonable. <br />• For construction contracts exceeding $150,000 obtain and maintain evidence that the <br />selected contractor is in conformance with the bonding requirements established by <br />HUD at 24 CFR 85.36(h) <br />■ Submit a bid guarantee equivalent to 5 percent of the bid amount along <br />with the bid <br />■ Obtain a performance bond for 100 percent of the contract price <br />■ Obtain a payment bond for 100 percent of the contract price <br />Page 6 <br />4I 1 a <br />