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20�10695� a. the principal amount of outstanding indebtedness secured by each Home (other than indebtedness incurred within the 5-year period ending on the date of the sale to the tenants), plus b. all Federal, State, and local taxes attributable to such sale. 4. It is the intent of the Owner to establish a"Rent to Own" program under which a qualified tenant can purchase a Home at the end of the Development's 15-year compliance period. T'he Owner will establish a separate tenant escrow account for each tenant. The tenant escrow account shall be interest bearing and will be utilized as discussed in Section 1.2 above. The specific utilization of these monies will be for down-payment, closing cost assistance, and any physical upgrades as set forth in Section 6 which may be required on a replacement basis. 5. The Ovcmer will provide NIFA copies of all bank sta.tements related to the tenant escrow accounts described above, as requested throughout the term of the Development's 15-year compliance period. 6. The Owner will, on an as needed basis, renovate the Home prior to the sale to a tenant. These renovations will include: a. Repair or replacement of the roof. b. Replacement of a11 appliances. c. Replacement of all floor coverings (vinyl and carpet). d. Complete repainting of all interior rooms. e. Replacement of gaxage door. 7. The estimated costs for renovation are estimated at $21,711 per Home. Funding for this renovation will be funded from three sources. a. Any remaining replacement reserves. b. Operating reserve. c. Any needed short term financing until the home is sold.