SITE CONTROL POLICY
DND requires project sponsors to demonstrate site control for all land and buildings included in a project.
Project sponsors, at the time of application for financing, must demonstrate full site control through a fully executed instrument such as an option agreement or a purchase and sale agreement, or with a deed. Agreements must include a sales price and an expiration date, which must provide for sufficient time to secure all proposed sources of financing.
Applicants for pre-development financing shall, at a minimum, provide a letter from the seller. Such letter shall clearly indicate that the owner is engaging in negotiations with the proposed buyer.
For projects involving city-owned property DND may, at its discretion, consider the receipt of a proposal in response to a land or building disposition RFP sufficient evidence of site control for submission of an application for funding. However, Tentative Developer Designation status must be obtained from DND before an award of funds will be issued.
Applicants are also required to review DND’s Acquisition Policy.8 (10/12)
Housing Policies Table of Contents