THE STANDARD PROGRAM. The Standard Program is designed to allow participating owners the ability to sell their home on the open market with assistance from the County if the home, in an arms-length sale, should sell for less than fair market value (“FMV”). The property owner will be responsible for marketing and selling the property. If the property, in an arms-length sale, sells for less than FMV, the County will provide a cost differential of up to 25% of the FMV, consistent with FAA approvals for grant eligibility and subject to FAA requirements regarding calculation of the cost differential and other factors. The sum of the selling price of the property, plus the County’s cost differential payment, shall not exceed the FMV of the property. The County anticipates that the Voluntary Sales Assistance Program will be in effect for multiple years, due to an annual limitation on the number of houses allowed to participate in the Standard Program based on a sales absorption rate intended to discourage blight and a rapid diminution of value of the remaining homes. The parties acknowledge that the Standard Program currently anticipates a sales absorption rate of 22 homes per year. The County agrees to update the sales absorption rate on an annual basis. If an eligible property’s previous owner declined to participate in the Standard Program, the County may require any new eligible owner who wishes to participate to wait until other eligible owners have had the opportunity to participate. The following appraisal methods shall be employed to the full extent they are consistent with FAA guidelines, approvals, and grant requirements:
THE STANDARD PROGRAM. The activities to be undertaken and the Services to be provided by Camden as part of the Standard Program shall include:
