![]() If you are going to be rehabbing an existing structure, a Capital Needs Assessment and Energy Audit may be required. An existing building will also require testing for lead and asbestos costing approximately $1500.ĭepending on initial results, a Phase II assessment may be required, which is a more detailed investigation involving chemical analysis for hazardous substances and/or petroleum hydrocarbons. The analysis typically addresses both the underlying land as well as physical improvements to the property and in New Hampshire typically costs $2500 to $3000 per study. The report is prepared regarding a property to identify existing or potential environmental contamination liabilities. Once you have established some control over the site, a Phase I environmental site assessment will be a necessity. The buyer should make sure that the closing deadline is far enough away to allow time to complete the necessary acquisition financing. Binds both seller and buyer to specific terms of sale.Īny real estate agreement should be prepared by an attorney and, if it binds the buyer, approved by the buyer’s Board of Directors. Contract of Sale – the strongest form of site control.The agreement may include negotiated contract of sale language, so it’s clear what the specific terms of sale would be. Usually secured with an option payment (which may not be refundable). Option Agreement – still stronger, binds the property owner to sell the buyer the property within the option period if the purchaser exercises its right to buy.Letter of Intent to Sell – stronger states the owner's intent to sell or lease the property to the organization at specific terms and usually including a timeframe to close.Offer Letter from Owner – states that the owner is willing to sell or lease the property to the prospective buyer for a specified price or rent.There are several standard forms of site control: It’s crucial to confirm with funders what form(s) of site control will be required or acceptable to meet their requirements. The type of control that is desirable and possible depends on many factors. Once a potential property has been identified, the next step is to secure “site control,” meaning some form of right to acquire or lease the property. ![]() Such diversity can arise either because income in the tract at issue is relatively high (and the project would create diversity by creating affordable units) or because income in the tract at issue is so low that a project’s market units would increase income diversity. The median family incomes will be obtained using the Federal Financial Institutions Examination Council’s Geocoding/Mapping and Census Report System, which can be found at Note that economic diversity can be essential in distinguishing a funding application from those of competing projects. Is its census tract considered very-low, low-, moderate- or high-income? To determine whether a FHLBank of Boston AHP application will receive points for economic diversity, the Bank will compare the median family incomes of the census tract in which the project is located (based upon the project address or addresses) to the median family income of the Metropolitan Statistical Area/Metropolitan Division (“MSA/MD”). To determine whether a location qualifies to receive the rural location points, go to USDA’s site. Are the property’s demographic characteristics considered rural, suburban or urban by the United States Departments of Housing and Urban Development and Agriculture (“USDA”)? A FHLBank of Boston AHP application can receive points if the location qualifies as rural.
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