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• Approve proposed sales to selected homebuyers. The City will review and approve <br />homebuyers as to their income eligibility, credit worthiness, compliance with the City's <br />downpayment requirement and debt ratios. <br />• Obtain all required City signatures on sales-related documents. <br />• Obtain all HUD required programmatic approvals and clearances. <br />5. Intermediary Responsibilities <br />The selected intermediary will be responsible for the following: <br />• Identify properties eligible for acquisition under the program. <br />• Negotiate purchase of the property with the current owner, and obtain purchase prices <br />which are at least 1% below current market value. <br />• Obtain an appraisal from a City approved appraiser. <br />• Obtain financing for the purchase, carrying;?osts, rehabilitation, and sale of the <br />properties. <br />• Take and hold title to the prop`Qrty.,k <br />• For each property, and in coordinatiori kth the City, develop a scope of work for any <br />needed rehabilitation. <br />• Provide an analysi$ andlevelopment schedule`for each proposed property. <br />• The City requires that all homes be inspected for termite infestation and damage, and <br />that corrective action be tak'qn. <br />• After the City,has appro Ied`the scope of rehabilitation work, obtain bids for the work <br />from qualified contractors, and submit1he proposed rehabilitation plan and budget to <br />City for approval. Construct o?o contracts may not be signed and work may not <br />commence without `City approval of the rehabilitation plan and budget. <br />• With prior City approval'the intermediary may choose to act as its own general <br />contractor. In that event?the requirement to prepare and submit the proposed <br />rehabilitation plan and b r?tget to the City for approval must still be met. <br />• Intermediaries acting ateir own contractors, and hence not soliciting competitive bids <br />for construction work `must submit all information the City may require to insure that <br />the proposed costs are reasonable. <br />• For construction contracts exceeding $150,000 obtain and maintain evidence that the <br />selected contractor is in conformance with the bonding requirements established by <br />HUD at 24 CFR 85.36(h) <br />¦ Submit a bid guarantee equivalent to 5 percent of the bid amount along <br />with the bid <br />Obtain a performance bond for 100 percent of the contract price <br />Obtain a payment bond for 100 percent of the contract price <br />Page 6 <br />20A-43