Initial Offer to Purchase Property by fim36094

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									                                                                            NSP Grant #______________
                                                                            FOR INTERNAL USE ONLY
                   NEW YORK STATE HOMES AND COMMUNITY RENEWAL
                        NEIGHBORHOOD STABILIZATION PROGRAM
                    INITIAL PROPERTY SET-UP AND OBLIGATION FORM




SECTION 1: GRANTEE INFORMATION

Grantee Name                         Address, City and State                        Zip Code


Contact Name                            Phone Number             Email



Program Partner                      Address, City and State                        Zip Code


Contact Name                            Phone Number             Email



Program Partner                      Address, City and State                        Zip Code



Contact Name                            Phone Number             Email



SECTION 2: NSP ACTIVITY INFORMATION: (Select all that apply)
   A: Financing Mechanisms              B: Acquisition/Rehab –           B: Acquisition/Rehab –
      Acquisition                       Homeownership or                    Rental
      Disposition*                      Homeownership/Rental                Acquisition
      Relocation                           Acquisition                      Disposition*
      Direct Homeownership                 Disposition*                     Relocation
      Assistance                           Relocation                       Rehabilitation
      Rehabilitation                       Rehabilitation
                                           Direct Homeownership
                                           Assistance
   C: Land Banking                      D: Demolition                    E: Redevelopment
      Acquisition                          Clearance                        Acquisition
      Disposition*                                                          Disposition*
                                                                            Public Facilities and
                                                                            Improvements
                                                                            New Construction
                                                                            Rehabilitation
                                                                            Direct Homeownership
                                                                            Assistance
*Disposition includes carrying costs and property maintenance.


                                                Page 1 of 5                         Version November 2010
                                                                                               NSP Grant #______________
                                                                                               FOR INTERNAL USE ONLY

SECTION 3: PROPERTY INFORMATION

Address


City                            State                        Zip Code            County

Census Tract                                                 Block Group (if applicable)

Estimated Construction/                                      Estimated Construction/
Rehab Start Date                                             Rehab Completion Date

PROPERTY STATUS (per NSP definition): (select one)
  Foreclosed Residential Structure    Foreclosed Vacant Lot                                Abandoned
  Blighted                            Vacant Residential Structure                         Non-Residential Vacant Structure
  Vacant Lot - Date structure removed
SOURCE OF PROPERTY: (select one)
  Tax Lien Foreclosure REO       Privately Owned                                           Publicly Owned
PURCHASE INFORMATION: (Fill in the next two sections only if NSP funds are being used for acquisition.)
Purchase Price:              $
Purchase Price Discount Percentage                                  %     Date of Final Offer
(Fill in only if funds are being used for Types A, B or C)                to Purchase
As is Appraised Value                       $                             Proposed or Actual
(Appraisal unnecessary for Types D and E)                                 Closing Date
Value Upon Completion (if available) $                                    Date of Appraisal
                                                                              Must be within 60 days prior to
OCCUPANCY COMPLIANCE:                                                      ( Final Offer to Purchase.           )
1) Was the URA seller notification delivered?
     Yes           No
2) Was there a bonafide tenant in the property at time of foreclosure?
     Yes           No
     a) If yes, do you or the successor in interest have documentation that complies with NSP's 90 day notice?
                Yes           No
                i) If no, are you assuming the responsibilities for any penalties that may be required?
                              Yes         No
ENVIRONMENTAL REVIEW:
  Environmental review complete; did not require published notice and Request for Release of Funds (RROF).
   Environmental review complete; did require published notice and Request for Release of Funds (RROF).
               Authority to Use Grant Funds (AUGF) received. Date:
               Statutory Checklist and required documents submitted to and approved by HFA.
               Date:                     (if a Non-Profit Grantee)
               Statutory Checklist completed and required documents collected and maintained by Grantee.
               (if a Municipal Grantee)


                                                       Page 2 of 5                                      Version November 2010
                                                                                    NSP Grant #______________
                                                                                    FOR INTERNAL USE ONLY

SECTION 4: PROPOSED REUSE

   Single Family                  # of units (1-4 units)     Homeownership         Rental        Both
                                                             # of Homeowner Units
                                                             # of Rental Units
                                                             # of Low Income (≤ 50% AMI) Units
                                                             # of Moderate Income (> 50% to ≤ 80% AMI) Units
                                                             # of Middle Income (> 80% to ≤ 120% AMI) Units
   Multifamily                    # of units                 Rental Only
                                                             # of Low Income (≤ 50% AMI) Units
                                                             # of Moderate Income (> 50% to ≤ 80% AMI) Units
                                                             # of Middle Income (> 80% to ≤ 120% AMI) Units


   NSP Project Funds (≤ 120% AMI)                  NSP Low Income Set-Aside Funds (≤ 50% AMI)

   Land Banking Only:

Interim Use:


SECTION 5:                                       TOTAL                    NSP               AMOUNT OF
PROPOSED DEVELOPMENT                           BUDGETED                BUDGETED              NSP FUNDS
BUDGET*                                         AMOUNT                  AMOUNT              OBLIGATED
Acquisition and Related Costs
Demolition
Soft Costs
Hard Costs
Disposition/ Holding Costs
Housing Counseling
Other Costs
Developer Fee (up to 10% of budget)
                           TOTAL                           $0.00                 $0.00               $0.00

Homebuyer Assistance Only

* Preliminary budget acceptable if property is at acquisition stage.




                                                    Page 3 of 5                             Version November 2010
                                                                                        NSP Grant #______________
                                                                                        FOR INTERNAL USE ONLY




As applicable, please check below each required document being submitted with this form. Please
name each file by the title indicated in italicized brackets below. This form and all accompanying
files should be submitted in one email.

     Title Report and Title Policy Proposal [Title Report] and [Title Policy Proposal]
     Purchase Agreement (or other documentation confirming site control for Use D) [Purchase Agreement]
     Construction/Rehab/Demolition Contract* (if available at this submission) [Construction Contract]
     Professional Services Contract* (if available at this submission) [Services Contract]
     Other legal commitments to incur costs or distribute funds* (if available at this submission)
     [Other Legal Commitments]

     * Documented cost estimates are sufficient if Grantee is a Project Developer, or Grantee has executed a
       Pass-Through Agreement with a Project Developer.

Please check below each document which must be retained in your files. These documents need to
be submitted to HFA only if this is your first submission of a Set-Up & Obligation Form.

     Appraisal Report , if required in Section 3, indicating As-is Value (required) & Value Upon Completion (if
                               [Appraisal]
     available ) (Uses A, B, C and E)
     Proof of Abandonment (Use B) or Foreclosure (Uses A, B and C) as applicable
     [Proof of Abandonment] or [Proof of Foreclosure]
     Proof of Blight (Use D) [Proof of Blight]
     Proof of Vacancy (Use E) [Proof of Vacancy]
     URA notices        [URA Notices]
     Evidence of Property Insurance coverage, updated annually (Uses B, C, and E) [Property Insurance]




                                                    Page 4 of 5                                  Version November 2010
                                                                                  NSP Grant #______________
                                                                                  FOR INTERNAL USE ONLY


  The Grantee certifies the following as of the date of submission of this Initial Property Set-Up and
  Obligation Form:

   ●    The above information is true and correct and has complied with all terms, conditions and requirements
        of the New York State Housing Finance Agency Neighborhood Stabilization Program ("NSP") including
        but not limited to federal CDBG and NSP requirements, documentation of eligible activities, National
        Objectives, required property acquisitions limitations, appraisal requirements, and household income
        eligibility;
   ●    Contracts and other legal encumbrances or permitted documentation submitted with this Initial Property
        Set-Up and Obligation Form meet the NSP program definition of "obligation";
   ●    The original copies of the documents submitted and/or checked above as part of this Initial Property Set-
        Up and Obligation Form are on file with the Grantee at its place of business and are identical to the
        documents that have been submitted;
   ●    The property financed with NSP funds will meet the housing quality standards as set forth in the New
        York State HFA NSP Substantial Amendment;
   ●    The property financed with NSP funds will meet the lead-based paint requirements of 24CFR Part 35;
   ●    The above referenced property and proposed activity(ies) are an eligible use of NSP funds;
   ●    The Local Project is in an Area of Greatest Need and directly benefits Low Income, Moderate Income
        and/or Middle Income residents;
   ●    The Grantee has obtained, or has reasonable assurances that it will obtain, all federal, state and local
        government approvals and reviews required by law to be obtained by the Grantee for the Project;
   ●    The Part 58 environmental review for this property is completed; and
   ●    If this property is occupied, the requirements of the Uniform Relocation Act (URA) have been met.




        Signature of Officer or Authorized Non-Officer                           Date




*This form should be submitted for each property assisted by NSP, prior to or at the time the first NSP
disbursement request form is submitted for acquisition activities (or, if the property was already
owned, when the disbursement form is submitted before rehab/construction begins).




                                                   Page 5 of 5                            Version November 2010

								
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