Agenda - 02-14-2000 - 9c - Laserfiche WebLink

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6 6. Statement of property value; 7. If applicable, a Development Budget identifying the sources 'and use of all funds in the project; 8. An Opinion on Title of the security property from an attorney licensed to practice law in the State of North Carolina; and an 9. Estimated Settlement Statement. In the event property is acquired For rehabilitation and resale without identifying a prospective homebuyer, the non-profit sponsor must agree to identify a qualified buyer and complete the sell of the property to the homebuyer within one hundred twenty days (120) days of the date of acquisition of the property. Submission Requirements No facsimiles of submitted documentation will be accepted. To receive preliminary commitment, the following information must be submitted in original form. 1. A detailed description of the loan fund request; 2. Certification that the buyer meets all eligibility criteria; 3. Evidence that primary financing has been obtained by the homebuyer; 4. Results of the initial building assessment; 5. Statement of property value; and 6. If applicable, a Development Budget identifying the sources and use of all funds in the project. Upon receipt and favorable review of these documents, the County will begin the environmental review process and request the review appraisal at this time. The sponsor will be notified that this process has begun and will be given an estimated time of completion. Once this process is complete and the County has determined that the project is eligible for loan funding, the County may issue a preliminary commitment with final commitment issued upon receipt and review of the all of the items identified above under the Submission requirements. In the event, that the project is determined to be non-feasible the sponsor will be notified in writing with the reasons for the determination. Original: August 1997 Revised: January 2000