05-B Owner Occ Rehab Grant - Laserfiche WebLink

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Section 3. That the City's application be placed in competition for funding under the Homebuyer Assistance Program Fund. Section 4. That the application be for $312,000.00 of grant funds to carry out this down payment, closing costs, and gap financing program. Section 5. That the City Manager, as the Chief Executive Officer of the City of Paris, be, and he is hereby, appointed as the Authorized Representative to act in all matters in connection with this application and the City's participation in the Homebuyer Assistance Program. Section 6. That the Director of Community Development be, and she is hereby, appointed as Project Director and is hereby authorized to execute and deliver, on behalf of the City of Paris, all reports, communications, assurances, and documents necessary for the completion of said project. Section 7. That the Director of Finance be, and he is hereby, authorized and directed to serve as the Financial Officer for said project and to receive and distribute funds for purposes of the Homebuyer Assistance Program. Section 8. That the Mayor, City Manager, Director of Community Development, and the Finance Director be, and they are hereby, authorized and directed to execute, on behalf of the City of Paris, any and all documents necessary for acceptance and implementation of said grant upon notice of award thereof by the Texas Department of Housing and Community Affairs, under the terms and conditions and in the forms approved by the City Attorney, and to proceed with use of said funds upon receipt thereof for the purposes stated herein and in accordance with the grant conditions. Section 9. That it further be stated that the City will provide $25,000.00 to pay expenses for program soft costs in this homebuyer program. Section 10. That it further be stated that the City of Paris is accepting from the local Consumer Credit Counseling Service eight (8) hours of pre-purchase, debt service, maintenance, and home ownership counseling for all forty (40) applicants, with the service being estimated to be $1,000.00 per applicant for a total in-kind match of $40,000.00. Section 11. That the City will provide up to $100,000.00 to insure timely closures of loans, it being understood that these funds will be reimbursed by the HOME Program. Section 12. That this resolution shall be effective from and after its date of passage.