§ 40.19. LIMITATION BASED ON FAIR MARKET VALUE OF WORK.

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(a) Prior to granting of any loan over $20,000 under this Chapter, a qualified estimator hired by the borrower will make an on-premises inspection of the applicant's property and certify, in writing, the fair market value of the recommended work as detailed in the job specifications.
(b) Where loan is under $20,000 and low bid exceeds estimate of building inspector by 10 percent, the borrower will hire a qualified estimator to certify, in writing, the fair market value of the work as detailed in the job specifications.
(c) A qualified estimator is a person:
(1) Who is not a City and County employee; but
(2) Who is approved by the Chief Administrative Officer because he or she is qualified and experienced in the area of residential rehabilitation.
The estimator shall operate under the direction of the Director of the Real Estate Department.
(d) No loan will be granted in an amount exceeding 110 percent of the fair market value of the recommended work as specified in the job specifications as certified in writing by a qualified estimator, or higher than the lowest bid received, whichever is less, without the approval of the Chief Administrative Officer.
(e) The Chief Administrative Officer shall, semi-annually, direct a report to the Board of Supervisors setting forth a list of the loans which were in excess of 110 percent of fair market value pursuant to the provisions of Subdivision (d) giving the reasons for approval in each case.
(Added by Ord. 482-80, App. 10/17/80)

                    
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