2012-078 RES ACCEPTING PROPOSAL FROM PARIS LIVING FOR MANAGEMENT SERVICES FOR HOMEBUYER ASSISTANCE PROGRAM

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appropriate individual identified by the City to do so. Paris L,iving will interface with TDHCA to ensure that aIl proj�ts are conrectty set up and•follow up to ensure that the requested draws have in fact been made. Paris Living will maintain a general program file, which will contain program legal documents, correspondence and reports. Paris Living will generate alI administrative draw requests for approva) by the City for transmission to TDHCA for payment. At the City's request, periodic pmgram status reports will be made to the City (timing of said reports to be determined by the City). Files will be maintained centraily at Paris Living offices and will be transported to the City's offices for review by state monitors when so desired by the state and the City. At the end of the program, Paris Living will deliver all the files to the City for long-term storage in accordance with I-ND rules and regulations. ➢ Environmental Cleacance • Paris Living will revicw flood certifications and appraisals to deternune whether the property being financed ties within a floodplain. The program design prohibits any property that lies either within an airport runway clearance zone or with a coastal barriers resource area from being funded in this program Pari,s Living will prepare the state environmental forms for signature by the appropriate City staff person. Further, Paris Living will prepare lead base paint notifications and disclaimers on behalf of the City for signature by the prospective buyers of each house at or prior to closing. Patis Living will require that all prospective homebuyers receive a lead base paint booldet either al the first lien loan application or as part of the eamest money contract. ➢ Ciient Intake and Qualification The program design call for client intake and'qualification to be performed by the contract administrafor. Paris Living will undertake, or cause to be undertaken, this process on behalf of the City. Paris Living will preseni applications to interested parties, either in person, by fax, mail, or email; meet with applicants n a face-to-face setting to finish the application process; prepare fornns for applicant and City designce signatures, prepare verifications of employment and deposit; review ineome documentation; review credit reports, if necessary; acauire and review first lien documents; prepare and send required disclosures to borrowers; prepared and send notifications of loan approval or deniaL; and grepare and send to TDHCA set up materials for their contract system. Information received will be compared to application information received from the fusl lien mortgage lender. In addition, Paris Living will provide training to any participating local lender to faeilitate the processing of first, second and third lien loans and to insure that all program tvles and regulations aze met. Paris Livings will provide assistance to the mortgage lenders via telephone, fax, and email to ensure that all the applicants assisted are properly incomc quaiified_ Paris Living wil! interface with TDHCA to ensure that all projects are correctly set up and information is sent to TDHCA to prepare for closing. ➢ Affirmative and Fair Marketing • Paris Living will provide general marketing activities as directed by the City to ensure the success of tbe program. Paris Living will generate press releases on the program and disseminate those releases to news media identified by the City. Paris Living will create and disburse to participating first lien mortgage lenders packets of informadon regarding the program including term sheets and copies of forrns and documents patinent to the homebuyer assistance program. Paris Living will, at the request of the City and individual le.nders, visit area Realtors with the lenders to explain the program and to encourage Realtors to participate. Most of the marketing effort will occur at the beginning of the program. Tf the pro�am is not originating effectively, additional marketing activities will be performed by Paris Living as directed by the City. Direct expenses of any additional tnarketing efforts are solely the responsibility of the City.