2010-059 RES AMENDING RESOLUTION 2010-045

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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 151ow and moderate income families through the provision of down payment and closing cost assistance. Section 3. That the Ciry Manager of the City of Paris, Kevin Carruth, 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. Section 4. That the City Manager be, and he hereby is, authorized and directed to execute and deliver any and all instruments necessary to effectuate such grants and loans. Section S. That the City of Paris does hereby agree to provide a total of $18,000 in funds from non-federal resources including waived fees, cash, the value of city lots donated to the program to further affordable housing and other eligible match activities as match for the grant being applied for. Section 6. That the City of Paris does hereby agree to specify and utilize funds from the City's accounts or through a bridge loan from a local bank in the amount of $80,000 to provide a Cash Reserve designated for the proposed TDHCA award. These funds may be used to pay program costs before receiving reimbursements from the State of Texas HOME/ADDI Program. Section 7. That should the amount of the grant award from TDHCA be for less than $300,000, that the Cash Reserve and Match fund amounts designated for the proposed TDHCA award be reduced proportionate to the amount of the TDHCA award. Section B. That this resolution shall be effective immediately upon passage.