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4 <br /> B. The Lender agrees to commit $ 250,000.00 for an Investment <br /> Rehabilitation loan pool fund. <br /> C. The Investment Rehabilitation loan pool fund may be used for the following <br /> purposes: <br /> 1. To make direct rehabilitation loans to property owners, both residential <br /> rentals and commercial projects, case by case; <br /> 2. For other uses as may be approved by HUD consistent with the <br /> objectives of this agreement. <br /> II. Property and Owner Eligibility <br /> The following minimum requirements must be met: <br /> A. The property must be located within the city limits of Everett; <br /> B. The owner must show evidence of a cash equity of at least 10% of the value <br /> of the pre-rehabilitated property; <br /> C. The project must generate sufficient revenues to cover, at a minimum, <br /> operating expenses and provide for an adequate return to the investor. The <br /> project must indicate positive cash flow and sound management; <br /> D. All taxes, assessments, and insurance premiums currently due on the <br /> property must be paid by the owner prior to, or at loan closing. Fire and <br /> hazard insurance must be maintained in an amount which is adequate to <br /> cover all liens against the property. Property taxes shall be kept current; <br /> E. Total property debt, including loans provided pursuant to this agreement, <br /> shall not exceed eighty percent (80%) of the post-rehabilitation estimated <br /> value of the property; <br /> F. The future life of the rehabilitated structure must be at least 20 years with <br /> minimum maintenance; <br /> G. The property shall be examined by a housing improvement professional to <br /> determine building improvement needs and costs and Housing Code <br /> deficiencies; and <br /> H. The borrower/applicant must give priority to elimination of Everett Housing <br /> Code deficiencies before making any other kind of improvements. <br /> 2 <br /> 27 <br />