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<br />Section 3. That there is hereby created a program for recycling single family residential <br />Lots as described herein, the aforesaid program to be designated as the City of Paris Homestead <br />Program (the Homestead Program). The purpose of said program shall be to recycle or place <br />single family residential Lots or parcels of real property which have been foreclosed for delinquent <br />ad valorem taxes or for other reasons and have not been redeemed by their owners in accordance <br />with state law, and which have not been utilized under a similar program by the Non-Profit <br />Entities defined herein, into a pool for use by the City to afford qualified low and moderate <br />individuals the opportunity to obtain said Lots, participate in other grant and loan programs, and <br />construct new houses thereon, thereby alleviating community blight, removing said property from <br />the group of properties maintained by the City, enhancing the tax base for all Taxing Entities by <br />fostering the construction of new single family residential homes, and generally improving the <br />health, safety, and welfare of the citizens of the City of Paris. <br /> <br />Section 4. That the City of Paris Homestead Program shall be administered by the City <br />of Paris Community Development Department. The Director of said department shall be in charge <br />of and have immediate responsibility for implementation of said program. <br /> <br />Section 5. That the opportunity to participate in the Homestead Program shall be extended <br />to low and moderate income individuals in accordance with the income criteria established for the <br />City's current Homebuyer Assistance Program, as those criteria currently exist or shall be <br />hereafter amended. For purposes of this resolution, the initial income criteria are attached hereto <br />as Exhibit A and for all purposes incorporated herein. The City will insure that all applicants for <br />the Homestead Program qualify as moderate or below households. To qualify the combined <br />annual (gross) income of the applicant and all persons in the household over the age of 18 years <br />cannot exceed 80% of the area median income, adjusted for the family size as defined in 24 CFR <br />Part 813 (Section 8 Housing Program). The income status must be valid at the time of initial <br />certification by the City. <br /> <br />Section 6. That the following rules and regulations shall apply to implementation of the <br />Homestead Program: <br /> <br />a. Application for participation in the Homestead Program shall be made to the Director <br />of Community Development, or the director's designee. Forms associated with such <br />application process shall be prepared by the Director. <br /> <br />b. Participation in the Homestead Program shall be restricted solely to construction of <br />single family residential dwellings to be constructed on Lots as defmed herein. <br /> <br />c. The Lots eligible for use in the City's Homestead Program shall be those Lots <br />remaining after Lots are designated for use in the City's Non-Profit Home Building <br />Program. <br /> <br />-4- <br />