Homestead program property will be offered to qualified applicants at no initial cost on a conditional deed basis provided that the applicant: (1) Is at least eighteen (18) years of age and is the head of a family. (2) Is a citizen of the United States or a registered alien. (3) Proves financial ability to rehabilitate and exhibits know-how to rehabilitate an existing dwelling or construct a new dwelling, as the case might be. (4) Has contractually agreed to rehabilitate or construct on, as the case might be, the parcel assigned to him or her, and further agrees to: (i) Bring the assigned parcel up to city or town housing standards within eighteen (18) months after assignment of the parcels to him or her; and (ii) Permit periodic inspections by the city or town, but not more often than once during any three (3)-month period, for a determination by the city or town of whether reasonable and satisfactory progress is being made by the applicant in rehabilitating or constructing on the parcel assigned to him or her; and (iii) Surrender and quit the assigned parcel in a condition at least equal to that when first assigned upon thirty (30) days’ notice by the city or town when, as a result of a periodic inspection, that city or town determines that the applicant has become unable or unwilling to proceed reasonably or satisfactorily towards fulfilling the objectives and conditions of this chapter; and (d) Live in, occupy, and maintain, as a single, two- (2), or three (3)-family dwelling up to city or town housing standards, the parcel assigned to him or her for a period of not less than three (3) years.
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