2010-121 RES APPROVING AN AGREEMENT WITH PARIS LIVING FOR ADMINISTRATION OF THE HOMEBUYER ASSISTANCE PROGRAM

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other project specific services necessary to enable an individual property to close (presuming that Paris Living or one of its consultant(s) performs that actual service). Paris Living agrees that its fees will not exceed amounts allowable as costs that can be charged against the administrative or project related soft costs of the Program or against third party participants. Further it is understood that while the administrative costs will be charged for accomplishing certain administrative tasks, that TDHCA requires that any administrative draw processed to TDHCA not exceed the percentage of projects completed and drawn. Therefore, Paris Living will bill the City and prepare subsequent documentation for reimbursement from TDHCA to the City based upon the following general activity categories and per the following milestones: [NOTE: the following milestones are based upon 15 units to be completed as specified in the contract between the City of Paris and TDHCA. If that contract should be amended to increase or decrease the number of units to be completed, the billing milestones will be adjusted proportionately.] ADMINISTRATIVE FEES AMOIJNT % OF TOTAL ACTNITY* ALLOWED CONTRACT FEE 1. General Management and Oversight of contract $7 750 64 58% 2. Information Services , $3,000 . 25.00% 3. Affirmative Marketing $ 200 1.67% 4. Record Keeping $ 800 6.67% 5. Financial Management $ 200 1.67% 6. Administrative Environmental $ 50 0.41 % TOT AL: 100.00% % OF BILLING MILESTONES** CONTRACT FEE 1. 2°d home loan completed and reimbursed by TDHCA 10% 2. 5"' home loan completed and reimbursed by TDHCA 20% 3. 10`h home loan completed and reimbursed by TDHCA 34% 4. 13`" home loan completed and reimbursed by TDHCA 23% 5. 15th (or last) home completed and reimbursed by TDHCA 13% TOTAL: 15 home loans completed 100%** *these categories reflect work activity for managing the homebuyer program in general. Activities and wark associated with individual loans and projects will be billed to the City at each loan closing as project related soft costs. See below. **If the total contract is not completed the total administrative fees charged to the City and subsequently to TDHCA for reimbursement under the Administrative fee portion of the contract with the City will be in an amount that is the same percentage as the total number of loans completed (as per the IlUD rules). UNDER THE RESERVATION SYSTEM, THE ADMINISTRATIVE FEE (4% OF THE HARD COSTS EXPENDED, MAXIMUN OF $800 PER LOAN) WILL BE BILLED TO TDHCA UPON THE CLOSING OF EACH LOAN PROCESSED. SOFT COST FEES PER LOAN CLOSED Soft Costs are fees charged to each down payment assistance loan for work activities preparatory to closing. Soft costs are paid outside of closing. Soft costs may vary by loan closing and applicant. Therefore the following list of fees is the maximum that can be charged to each loan for soft costs. However, it is agreed that Paris Living will not charge more than