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Housing Director will grant Initial Approval in writing. The Housing <br />Director will grant Initial Approval, or decline to include the property in <br />the Program, within three (3) business days of receipt of the proposal. If <br />Initial Approval is granted, the Housing Director will initiate an <br />environmental review of the property pursuant to the National <br />Environmental Policy Act "NEPA." If the Housing Director does not <br />respond within three (3) business days, the Initial Proposal is deemed <br />approved and CONTRACTOR will proceed towards Final Proposal. <br />4. Due Diligence Period. Once CONTRACTOR enters into a purchase <br />agreement and receives Initial Approval, CONTRACTOR shall take all <br />actions necessary to implement the program and cause all due diligence <br />items listed in the contingencies of the purchase contract to be completed <br />prior to the end of the contingency period. Documentation of the <br />following items shall be required prior to funding and must be handled as <br />soon as practicable: <br />a. Facilitate the ordering of an appraisal to be completed that <br />provides the Appraised Value of the property and meets the URA <br />requirements <br />b. Open an escrow and order a Preliminary Title Report. <br />c. Order a Pest Inspection <br />d. Order a Hazard Materials Inspection (Lead paint/asbestos) <br />e. Finalize the scope of work and the NSP Property Budget, and <br />operating pro forma (if applicable) <br />£ Complete an Identity of Interest form for each property, a sample <br />version of which is attached as Exhibit J. <br />g. Take Pictures of each property <br />i. Street both directions <br />ii. Front <br />iii. Rear <br />iv. Living Room <br />v. Dining Room <br />vi. Kitchen <br />vii. Bathroom(s) <br />viii. Bedrooms <br />ix. Water meter <br />x. Electrical Panel <br />h. Obtain leveraged financing to assist with the overall site <br />acquisition and rehabilitation. <br />5. Final Proposal. Once CONTRACTOR has cleared all contingencies under <br />the purchase contract, CONTRACTOR shall submit a Final Proposal a <br />minimum of seven (7) calendar days before the contingency removal date <br />defined in the purchase agreement, requesting Final Approval from the <br />Housing Director. The Final Proposal shall include copies of all items <br />listed above in a format to be approved by the Housing Director: <br />20 of 55 <br />