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5 <br />followed in the acquisition/rehabilitation project. The County will have primary responsibility <br />far completing this task but may solicit the assistance of the sponsor as necessary. <br />Proper Valves <br />The value of identified property to be acquired by a homebuyer must have a value that does not <br />exceed 95% of the azea median purchase price for that type of housing. HUD makes purchase <br />value limits available to all participating jurisdictions each yeaz. <br />The before and after rehabilitation value must be established by: <br />• An appraisal by a qualif ed 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 SQ~,r~(311Von-Profit Organization, <br />The organization sponsoring, developing, or serving as an advocate for the potential homebuyer <br />must provide: <br />1. 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 Cazolina; and an <br />9. Estimated Settlement Statement. <br />In the event property is acquired far rehabilitation and resale without identifying a <br />prospective homebuyer, the non-profit sponsor must agree to identify a qualified buyer <br />and complete the sell of the property to the homebuyer within one hundred twenty days <br />(120) days of the date of acquisition of the property. <br />5 <br />