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<br />_'_ ,;l, 1 (" ~ -Y'-'1 6....)- C': <br />./ . '< .......- . <br /> <br />Option 2: <br /> <br />A homeowner must submit a request for a demolition loan and include a proposal for the <br />construction of a new single family home on the lot. The proposal must include an estimate <br />of demolition of the existing substandard home and a statement of need for the loan. The <br />homeowner will be required to enter into a Demolition Loan Agreement with the City for the <br />construction of the new home which will include the terms of the loan. The loan must be <br />serviced by the bank that will hold the first mortgage with the agreement that the City will <br />take a second position on the mortgage. <br /> <br />Builder Requirements: (Option 1 ) <br /> <br />. Must be a licensed contractor and all sub-contractors must possess a license. <br /> <br />. Demonstrate financial capabilities by providing: <br /> <br />1. A statement from a financial institution of sufficient construction capital <br />2. A letter of credit for the value of the lot <br />3. A summary of financial condition of the company <br />4. Evidence of the ability to secure a construction loan. <br /> <br />. Must posses adequate insurance that should include Builder's Risk, Comprehensive <br />General Liability and Workers Compensation. <br /> <br />. Provide references from: <br /> <br />1. Five satisfied customers <br />2. Three major suppliers, one being the construction lumber supplier <br />3. Two building inspectors <br /> <br />. Provide an inventory of homes currently under construction. <br /> <br />Buyer Requirements (Option 2): <br /> <br />. Must identify a licensed homebuilder to for building the replacement home. <br /> <br />. Must be pre-approved for permanent financing with a Roseville Bank that will agree to <br />service the demolition loan for the City of Roseville. <br /> <br />. Must provide adequate financial information to prove a financial need for the loan. <br /> <br />Page 2 <br />