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<br />Section 4. That the application be for $312,000.00 of grant funds to carry out this down <br />payment, closing costs, and gap financing program. <br /> <br />Section 5. That the City Manager, as the Chief Executive Officer of the City of Paris, be, <br />and he is hereby, appointed as the Authorized Representative to act in all matters in connection <br />with this application and the City's participation in the Homebuyer Assistance Program. <br /> <br />Section 6. That the Director of Community Development be, and she is hereby, appointed <br />as Project Director and is hereby authorized to execute and deliver, on behalf of the City of Paris, <br />all reports, communications, assurances, and documents necessary for the completion of said <br />project. <br /> <br />Section 7. That the Director of Finance be, and he is hereby, authorized and directed to <br />serve as the Financial Officer for said project and to receive and distribute funds for purposes of <br />the Homebuyer Assistance Program. <br /> <br />Section 8. That the Mayor, City Manager, Director of Community Development, and the <br />Finance Director be, and they are hereby, authorized and directed to execute, on behalf ofthe City <br />of Paris, any and all document8 necessary for acceptance and implementation of said grant upon <br />notice of award thereof by the Texas Department of Housing and Community Affairs, under the <br />terms and conditions and in the forms approved by the City Attorney, and to proceed with use of <br />said funds upon receipt thereof for the purposes stated herein and in accordance with the grant <br />conditions. <br /> <br />Section 9. That it further be stated that the City will provide $25,000.00 to pay expenses <br />for program soft costs in this homebuyer program. <br /> <br />Section 10. That it further be stated that the City of Paris is accepting from the local <br />Consumer Credit Counseling Service eight (8) hours of pre-purchase, debt service, maintenance, <br />and home ownership counseling for all forty (40) applicants, with the service being estimated to <br />be $1,000.00 per applicant for a total in-kind match of $40,000.00. <br /> <br />Section 11. That the City will provide up to $100,000.00 to insure timely closures of <br />loans, it being understood that these funds will be reimbursed by the HOME Program. <br /> <br />Section 12. That this resolution shall be effective from and after its date of passage. <br /> <br />PASSED AND APPROVED on this 8th day (lc';' 2:, l' --C : , <br /> <br /> <br />