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Further, HUD requires that all prospective property and proposed rehabilitation work must be <br /> assessed to determine any potential environmental impacts to the community. Specifically, each <br /> property must be assessed to determine historic significance by collaborating with the local <br /> Historic Property Commission or the State Department of Cultural History. If the property is of <br /> historic significance, the applicable guidelines of the local or state governments must be <br /> followed in the acquisition/rehabilitation project. The County will have primary responsibility <br /> for completing this task but may solicit the assistance of the sponsor as necessary. <br /> Property Values <br /> The value of identified property to be acquired by a homebuyer must have a value that does not <br /> exceed 95% of the area median purchase price for that type of housing. HUD makes purchase <br /> value limits available to all participating jurisdictions each year. <br /> The before and after rehabilitation value must be established by: <br /> • An appraisal by a qualified independent appraiser; <br /> • Tax assessments may be used to establish value, but only if they are current and can <br /> be computed at 100%of market value. <br /> • Transfer of property that includes rehabilitation requires an appraisal. <br /> Values established will be reviewed by qualified review appraiser at the expense of the County. <br /> If the review appraiser does not accept an appraisal, it will be necessary to obtain a second full <br /> appraisal. <br /> The property sales price cannot exceed the established property value. <br /> Responsibilities of the 501 (c)(3)Non-Profit Organization <br /> The organization sponsoring, developing, or serving as an advocate for the potential homebuyer <br /> must provide: <br /> I. A detailed description of the loan fund request; <br /> 2. Certification that the buyer meets all eligibility criteria;* <br /> 3. Evidence that primary financing has been obtained by the homebuyer; <br /> 4. A Certification signed by the sponsor and the homebuyer applicant that the program <br /> guidelines have been fully explained; * <br /> 5. Copies of all building inspection reports; <br /> 6. Statement of property value; <br /> 7. If applicable, a Development Budget identifying the sources and use of all funds in the <br /> project; <br /> 8. An Opinion on Title of the security property from an attorney licensed to practice law in the <br /> State of North Carolina; and an <br /> 9. Estimated Settlement Statement. <br /> i <br /> 4 cmmrevgd.doc <br /> 04/11100 <br />