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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 /> f. 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 />