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All work must be performed by licensed general contractors who meet the City's <br />licensing and insurance requirements, and who have not been debarred by the U.S. <br />Department of Housing and Urban Development. All work must be performed in <br />accordance with applicable federal, state and local requirements. <br />In addition to repairs, loan proceeds may be used to pay for certain costs normally <br />associated with the loan process. These include but are not necessarily limited to the <br />cost of appraisals, title reports, credit checks, flood certificates, underwriting fees, <br />document preparation, and warehousing. <br />The funds may also be used for the payment of fees associated with nomination of a <br />property in the Lacy Neighborhood for listing on either the CRHR or the SARHP. An <br />owner may apply for funding from the Lacy Improvement Program to finance payment <br />of the nomination fees. If applying for such funding, the owner will be subject to all <br />requirements of the Lacy Housing Fund. <br />Funds may also be used to pay for fees associated with the application for Mills Act <br />Property Tax Abatement Program. An owner may apply for funding from the Lacy <br />Housing Fund to finance payment of the application fees. If applying for such funding, <br />the owner would be subject to all requirements of the Lacy Housing Fund. <br />Interest Rates and Repayment <br />Exterior repair loans will have a zero percent interest rate, and payments will be <br />deferred for thirty years or until the property is sold. The loans will be due and payable <br />at the end of the thirty years, but payment may be deferred for borrowers who are <br />unable to pay them off. These exterior repair loans are not assumable. <br />Rental property owners who fail to comply with the ten year affordability requirement or <br />to abide by all applicable Federal and State anti-discrimination laws will be immediately <br />required to repay the loan. Owners must correct all Notices of Violation prior to the <br />time the Agency loan is secured. <br />Funds used for paying fees associated with nomination of their property for listing on <br />the CRHR or the SARHP will be a grant. In addition, the fees associated with the <br />application for Mills Act Property Tax Abatement Program will be a grant. Grant funds <br />under this program will be payable directly from the Agency to the City for an approved <br />application. <br />Page 3 of 3 ~ ~ • <br />Exhibit 4 <br />