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Page 6 <br /> Main Street Village—Phase II <br /> Maslipee,MA <br /> PE-359 <br /> Exhibit"A" <br /> Acquisition Value Policy <br /> The maximum permissible acquisition value which can be included in the Development Budget <br /> for a Housing Starts Construction Loan application will be limited to the lesser of: , <br /> the "as is" appraised market value of the land and improvements, as estimated by the <br /> MassHousing Home Ownership Division at the time of loan commitment, and subject to <br /> confirmation by a MassHousing commissioned independent appraisal prior to loan closing; <br /> Or, <br /> the purchase price of the land and improvements in the last arm's length transaction, if any, <br /> within the last three years, plus (i) reasonable and verifiable costs of property improvements <br /> made subsequent to the above acquisition and/or (ii) reasonable and verifiable carrying costs <br /> related to the land and improvements, such as interest,taxes and insurance. <br /> Special Restrictions for Comprehensive Permit Developments <br /> In addition to the above-noted acquisition policy, developments which have received a <br /> comprehensive permit will be subject to the following restriction: <br /> Economic benefits of the comprehensive permit shall accrue to the development and shall not be <br /> used to substantiate an acquisition cost that is unreasonably greater than the current appraised <br /> fair market value under existing zoning without a comprehensive permit in place. <br /> This restriction will be applied regardless of ownership transfers which might take place during <br /> the development process. <br />