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Acquisition of Real property <br />$ 13,750.00 <br />Lead -based paint evaluation/reduction <br />$ 5,000.00 <br />Construction hard costs <br />$137,750.00 <br />Holding/selling costs <br />$ 7,500.00 <br />Developer Fee (not to exceed) <br />$ 20,500.00 <br />PROGRAM INCOME <br />At the time of transfer of ownership of the property to an income -eligible buyer ("closing"), the closing agent shall <br />remit to the City all gross proceeds from the sale of this activity. This is understood to represent the purchase price <br />of the property less closing costs, adjustments, credits and Real Estate agent fees. The final Closing Disclosure, <br />indicating final loan terms and closing costs, must accompany the remittance. <br />COST CATEGORIES <br />Generally, costs must be necessary, reasonable and directly related to the grant. Please see "Program Budget" above. <br />NON -EXPENDABLE PROPERTY <br />Notwithstanding any provision herein to the contrary, no costs may be incurred for non -expendable property <br />(equipment, furniture, fixtures, etc.) without obtaining prior written approval from the Department of Community <br />Investment. <br />PRIOR APPROVAL <br />Prior written approval from the Department of Community Investment will be required in order to expend funds for <br />cost categories, types of activities, or locations not listed above. Prior written approval must also be obtained for any <br />reductions, deletions, or additions to the approved line item budget. <br />FINANCIAL AND ADMINISTRATIVE REPORTS <br />The Agency shall submit the Reimbursement and Progress Report supplied by the City upon each withdrawal of funds. <br />Documentation must be submitted indicating time spent on CDBG activities before reimbursement will be approved. <br />The Agency understands that claims for reimbursement of expenses (goldenrod forms) shall be accompanied by proper <br />documentation (check copies, invoices, staff time distributions, etc.). <br />The City reserves the right to refuse any or all claims not properly supported with adequate and proper documentation <br />of claims and activity progress. <br />Appendix I - Scope of Services Page 2 <br />