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Environmental Review Statement - Options to Purchase Real Estate

 

Instructions: The following statement must be included in all Options to Purchase real estate as part of the Neighborhood Stabilization Program.

 

The purchase of a real estate option is subject to the conditions stated in 24 CFR 58.22(b) regarding environmental acceptability and nominal price. It is permissible to purchase a real estate option on a property that is designated for the construction or rehabilitation of a unit with NSP funding prior to the completion of an environmental review, provided the option agreement stipulates that the purchase of the property is subject to a determination by the RE on the desirability of the property for the project as a result of the completion of the environmental review. The cost of the option must also be a nominal portion of the purchase price.

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