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MV Housing Replacement Program <br /> Housing Design and Site Criteria <br /> 4. Builder/Developer Requirements <br /> a. Demonstrate financial capability by providing: <br /> (1) A statement from a financial institution of sufficient construction capital <br /> (2) A letter of credit of the value of the lot <br /> (3) A summary of the financial conditions of the company <br /> (4) Evidence of a construction loan or ability to secure one <br /> b. Possess adequate Builder's Risk, Comprehensive General Liability and Worker's <br /> Compensation insurance coverage. <br /> c. Posses a Home Owners Warranty insurance or equivalent to perform warranted <br /> repairs required by Minnesota State Statute. <br /> d. Provide references from: <br /> (1) Five customers; <br /> (2) Three major suppliers, one being the construction lumber supplier; <br /> (3) Building Inspectors from two cities in which the builder has constructed <br /> new housing within the past three years. <br /> d. Provide information on inventory of homes that builder currently has under <br /> construction. <br /> 5. Buyer Requirements If Applicable <br /> a. Must be pre-approved for permanent financing prior to signing the Purchase and <br /> Redevelopment Agreement. <br /> Page 3 <br />