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B. iv. Other state, federal or private funds iv. Contingency Plan — Lease to Own Program The City anticipates that it may be necessary to enter into a Lease to Own Agreement with a prospective homebuyer. The use of such agreements will be restricted to those instances where six months of marketing have produced no homebuyer. Using the sample development budget prepared in response to item iii(d) above, respondents should outline the basics of the lease to own program and agreement they would offer to the prospective homebuyer. The outline must address the percent of collected rents that would be set aside for the homebuyer's use as a down payment, how an ongoing costs that could not be met through remaining rent amounts would be covered, '_ ow many months homebuyers would be given to acquire the necessary v. Proof of Insurance! Respondent should include verification o City's requi surance. • Evidence of a current worker's com on insurance, if cable; • Evidence of liability insurance in an a nt of not less than $1' t Lion; and, • Evidence of business automobile liabilit' prance. � n amount J� t less than $1 million. «r iA a. b. M', ' is performance will be a meet the following expenditure in two years of the contract date within three years of the contract date er that will enable the City to meet this Method of Fundir`t Selected respondent's will be given NSP3 funded loans to finance the acquisition and /or rehabilitation and redevelopment of properties deemed appropriate for this program and not covered by other funding sources. All such loans will be secured by means of promissory notes and recorded deeds of trust. c. Affirmative Action The City of Santa Ana has an affirmative action program. Qualified firms including small businesses and businesses owned by women, minorities and disabled persons are encouraged to submit proposals. Contractors shall agree to comply with the City's Page 11