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

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Work Item Propose� cost �,er loan Application Intake: $ 6� Environmental Review: 4Q0 Project Document Prepararion: 100 Loan Document Preparation: 100 Hornebuyer Counseling*: 300 Home Inspection*: 300 Total ProQosed Project Related Soft Costs Per Loan: $1,800 A�ain, not all project related soft costs listed above will necessarily go to Paris Living. For example, the Homebuyer Counseling and Tnspection fees may go to other agencies which may be performing those tasks, yet they are still figuc'ed in the total project related soft costs. Under the above scenario, che toial project related soft costs going to Paris Living, for work that it performs excluding homebuyer counseling and home inspections would 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 knowtedge that ofien, TDfiCA and I-iUD 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 the fee schedule. PROPOSED 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 billed after the loan has closed and the Deed oFTrust fited with the County. Both Soft 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 invoice fram Paris Living at the same time it advances the project related hard costs to the Title Company For the ctosing of each loan. The City will be reimbursed the project related soft costs along with the project 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 lhe HOME grant. Once that reimbursement has been made, the requisite administrative costs will be reimbursed by TDiiCA. Thank you for allowing us the opportunity to submit the above proposal. We betieve our knowledge of Paris and of the HOME [nvestment Partnership Program adtninistered by TDHCA along with the experience of our contracled consultant will make us the perfect partner for the City in the administntion of the homebuyer assistance pro�am. Paris Living is dedicated to ensuring that your Homebuyer Assistance Program is successful. Again, thank you for your consideration. Sincerely, � � Clifto endley President