16-MOTION TO APPROVE PROPOSAL FROM PARIS LIVING INC TO PROVIDE MANAGEMENT SERVICES FOR HOMEBUYER ASSISTANCE PROGRAM

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PM k it W osed cost ger loan em or Application Intake: $ 600 Environmental Review: 400 Project Document Prepararion: 100 i,oan Document Preparation: 100 Homebuyer Counscling*: 300 Home Inspection'. 300 Tolal Proposed Project Related Soft Costs Per Loan: $1,800 Again, not all project related soft costs listed above will necessarily go to Paris Living. Fvr exampie, the Homebuyer Counseling and Inspection fees may go to other agencies which may be performing those tasks, yet they are still figured ia the total project related soR costs. Under the above scenario, the totat project related soft costs going to Paris Living, for work that it pe,rforms excluding homebuyer counseling and home inspections wouid be $1,200. There may be other costs that might have to be considered which are not figured into the above calculations. This is based on the knowledge that oflen, TDf-ICA and EiUD change requirements mid-contract and adjustments might have to be made. In the unlikely case of that occurring, we would propose a contract amendment to adjust thc fee schedule. PROPOSEI? BILLING SCHEDULE Soft costs will be billed at the time funds are requested to be sent to the Title Company for the loan closing. Administrative costs will be bilted after the loan Eias clased and the Deed of Tnist filed with the County. Both SoR costs and Administrative costs will be billed on a project basis. The City will pay the project related soft costs outside of closing upon receipt of an invo7ce from Paris Livinb at the same time it advances the project related hard costs to the Ti.tie Company for the ctosing of each loan. The City will be reimbursed the projcct related soft costs along with the projecl hard costs by TDHCA. The entire second lien loan amount plus soft costs paid outside of ciosing will be reimbursed after closing by TDHCA out of the HOM[E grant. Once that reimbursement has been made, the requisite administrative costs will be reimbursed by TDHCA. Thank you for allowing us the opportunity to subrnit the above proposai. We believe our knowledge of Paris and of the HOME [nvestment Partnership Program administered by TDHCA along with the experience of our contracled consultant will make us the perfect partner for the City in the administtation of the homebuyer assistance program. Paris Living is dedicated to ensuring that your Homebuyer Assistance Program is successful. Again, thank you for your consideration Sincerely, Clifto endley President 104