Section  260.301  HomeBuilder Invitations

From time to time, the Authority may send application materials to potential Homebuilders inviting them to submit to the Authority HomeBuilder Applications to participate in a Series Program.  Homebuilders wishing to participate in that Series Program shall execute and return to the Authority the HomeBuilder Application and HomeBuilder Participation Agreement.  In addition, the HomeBuilder Application shall contain among other things, the following:

a)         A requirement that the HomeBuilder state the amount of funds that it wishes to reserve in its name for the financing of Qualified Dwellings constructed or to be constructed by such HomeBuilder in the Series Program;

b)         The unconditional agreement of the prospective HomeBuilder, effective upon acceptance of the Home Builder Application by the Authority, to construct Qualified Dwellings for sale to Eligible Borrowers that comply with the terms of the Notice of Reservation of Funds and the HomeBuilder Participation Agreement;

c)         The date by which the HomeBuilder Application must be submitted to the Authority;

d)         Provision for the prospective HomeBuilder to provide such information about the HomeBuilder's construction activities during the period of 24 months prior to the date of its HomeBuilder Application and such other information as the Authority may reasonably require; and

e)         A statement of the amount of any required Commitment Fee and requirement that such Commitment Fee be submitted in connection with the HomeBuilder Application.