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TEXAS DEPARTMENT OF HOUSI?!`G AND C0iN1iNIUNITN' ~FFAIRS <br />HON~IE CONTRACT # 1000930 <br />EYHIBIT A <br />PERE'OR.'~1 aNCE STATEMENT AND BUDGET <br />CITY OF PARIS, <br />A POLITICAL SUBDIVISION OF THE STATE OF TEXAS, <br />Administrator shall carry out the following activities identified by this Exhibit A and in its HOME <br />Program Application Number 2008-0004. <br />HOMEBUYER ASSISTANCE PROGRAM <br />Administrator shall implement a Homebuyer Assistance Program in accordance with 24 C.F.R. Part <br />92 and the applicable Texas statutes and the Texas Administrative Code utilizing TWO HUNDRED <br />THOUSAND AND NO/100 DOLLARS ($200,000.00), in project funds and EIGHT THOUSANI) <br />AND NO/100 DOLLARS ($8,000.00), in adrninistrative funds. Each homebuyer assisted must <br />meet the definition of a first time homebuyer as defined in 24 CFR Part 92. <br />Administrator shall use the funds provided under this contract to provide Homebuyer Assistance to a <br />nliimum o~TWENTY724~11omebuyers. 7erformance und er the Contract, term will be based on the <br />following benchmarks from the Contract begin date: <br />(A) 6 months, exeinpt administrative and environmental clearance must be complete for at least- <br />one Household to be assisted; <br />(B) 12 months, environmental clearance must be complete for at ]east 50% of the Households to <br />be assisted, 50% of funds must be committed, 25% of funds drawn, and 25% of match supplied; . <br />(C) 18 months, enviroiunental clearance must be complete for at least 75% of the Houseliolds to <br />be assisted, 75% of funds must be committed, 50% of funds drawn, and 50% of matcli <br />requirement supplied; and <br />(D) 24 months, 100% of funds must be comniitted, 100% of fu«ds drawn, and 100% of niatched <br />supplied. <br />Administrator shall provide HOME Homebuyer Assistance in the form of a 2nd and/or 3rd lien. The <br />amount for dowzlpayment and elosing cost assistance, including soft costs, shall not exceed Teti <br />Thousand and No/100 Dollars (S 10,000.00). Each loan will be a zero percezlt (0%) interest defen-ed <br />forgivable loan. The loan teml will be five (5) years based on the total amount of assistance provided <br />and in accordance tivith the federal affordability requirements as defined in 24 CFR §92254. <br />HOME Contract P 1000930 <br />Page 16 of 21 <br />- 000121 <br />