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iv. Other state, federal or private funds <br />iv. Contingency Plan - Lease to Own Program <br />The City anticipates that it may be necessary to enter into a Lease to Own Agreement with <br />a prospective homebuyer. The use of such agreements will be restricted to those instances <br />where six months of marketing have produced no homebuyer. Using the sample <br />development budget prepared in response to item iii(d) above, respondents should outline <br />the basics of the lease to own program and agreement they would offer to the prospective <br />homebuyer. The outline must address the percent of collected rents that would be set <br />aside for the homebuyer's use as a down payment, how any ongoing costs that could not be <br />met through remaining rent amounts would be covered, and how many months <br />homebuyers would be given to acquire the necessary funds. <br />v. Proof of Insurance <br />Respondent should include verification of the City's required insurance. <br />• Evidence of a current worker's compensation insurance, if applicable; <br />• Evidence of liability insurance in an amount of not less than $1 million; and, <br />• Evidence of business automobile liability insurance. in an amount of not less than $1 <br />million. , <br />8. KEY TERMS OF ALL AGREEMENTS <br />a. Performance Measures <br />Due to the statutory deadlines, the selected respondent's performance will be <br />monitored closely. HUD requires that NSP3frecipients meet the following expenditure <br />deadlines: <br />a. 50.% of the funds must be expended within two years of the contract date <br />,.. 1 1 <br />(approximately March of 2013) . <br />b.100% of tliet n .1 1 d s rn be expended within three years of the contract date <br />(approximate'l, arch of 2.014). <br />r. <br />Should a"re ondent not. Perform in a manner that will enable the City to meet this <br />obligation their contra ct,.yyill be terminated. <br />b. Method of Funding; <br />Selected respondents will be given NSP3 funded loans to finance the acquisition and/or <br />rehabilitation and redevelopment of properties deemed appropriate for this program <br />and not covered by other funding sources. All such loans will be secured by means of <br />promissory notes and recorded deeds of trust. <br />c. Affirmative Action <br />The City of Santa Ana has an affirmative action program. Qualified firms including small <br />businesses and businesses owned by women, minorities and disabled persons are <br />encouraged to submit proposals. Contractors shall agree to comply with the City's <br />Page 11 <br />20A-48