2010-045 RES APPROVING APPLICATION FOR FUNDING THROUGH TX DEPT OF HOUSING & COMMUNITY AFFAIRS FOR 2009 HOMEBUYER ASSISTANCE PROGRAM GRANT

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RESOLUTION 2010-045 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, APPROVING AN APPLICATION FOR FU111DI1VG THROUGH THE TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS FOR A 2009 HOMEBUYER ASSISTANCE PROGRAM GRANT, HOME/AMERICAN DREAM DOWNPAYMENT INITIATIVE (ADDI) AWARD; DESIGNATING THE AMOUNT OF MATCHING FUNDS AND CASH RESERVES; AUTHORIZING THE EXECUTION OF ANY AND ALL DOCUMENTS; AUTHORIZING THE EXECUTION OF ANY AND ALL DOCUMENTS NECESSARY FOR ACCEPTANCE AND IMPLEMENTATION OF SAID GRANT UPON NOTICE THEREOF; MAKING OTHER FINDINGS A1VD PROVISIONS RELATED TO THE SUBJECT; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of Paris (the "City") is desirous of processing an application to the Texas Department of Housing and Community Affairs ("TDHCA") for a grant in the amount of $300,000 for program expenses and $12,000 for administrative expenses to provide homebuyer assistance for very low and moderate income families who desire to purchase a home and live within the city limits and ETJ of Paris; and, WHEREAS, it is in the best interests of the City of Paris to apply for funding under the Texas Department of Housing and Community Affairs, HOME/American Dream Downpayment Initiative (ADDI) Program; and, WHEREAS, the City Council desires to authorize the Mayor, City Manager and other appropriate City staff to accept and implement said grant (if same is received) without further action of City Council. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS: Section 1. That the findings set out in the preamble to this resolution are hereby in all things approved. Section 2. That the Texas Department of Housing and Community Affairs, HOME/American Dream Downpayment Initiative Program to support the efforts of the City to assist 15 low and moderate income families through the provision of downpayment and closing cost assistance. Section 3. That the City Manager of the Ciry of Paris is authorized for, on behalf of, and in the name of the City to apply, negotiate and procure grants and loans from the Texas Department of Housing and Community Affairs.