05-F thru H Homestead Program - Laserfiche WebLink

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1.The first resolution would authorize an interlocal agreement by and among the City of Paris, the County of Lamar, Paris Independent School District, North Lamar Independent School District, and Paris Junior College. The purpose of the interlocal agreement would be to designate the City of Paris as sole trustee, empowered through a limited power of attorney, to act on behalf of the other taxing entities in utilizing lots foreclosed for delinquent tax purposes in two new programs intended to create opportunities for low and moderate income individuals to build houses on those lots. The lots are identified generally as those lots zoned for single family purposes which have been foreclosed and passed through a sheriff's sale for delinquent ad valorem taxes, and have not been redeemed by any property owner or the delinquent tax payer. The interlocal agreement obligates the City of Paris, as sole trustee, through the limited power of attorney, to restrict its trsuteeship of those lots to use in two designated programs intended to make those lots available for single family home construction. 2.The second resolution would authorize the implementation of one of the new programs intended to funnel the identified lots to qualified home buyers. This resolution, identified as the non-profit home building resolution, would authorize the City, as sole trustee, to make the identified lots available to Paris Living, the Community Development Corporation, and Paris Habitat for Humanity, at their discretion and selection, in their ongoing programs of home building. Obviously not all the lots will fit the profiles these two organizations are using in their programs, and there will be a number of lots still remaining. 3.The third and final resolution will adopt another program, identified as the homestead program, currently to be run by the City of Paris through its Community Development Department, which will take applications for identified low and moderate income home buyers to select lots located throughout the City, enter into an earnest money contract with the City for that lot, and approach lenders and title underwriters with an earnest money contract granting them a lot by special warranty deed as part of the collateral for them to obtain a loan to build a house. In addition, these individuals may qualify for other home building incentives, such as the City's current down payment assistant grant program. Ultimate adoption of the three resolutions associated with the Homestead Program will not by any means put the program into immediate action. First, all the other affected taxing entities will have to approve the interlocal agreement before the program can be effective. It would be the City staff's intention to approach the governing bodies of each of the taxing entities during the next month seeking their approval of the interlocal agreement to begin the program. In addition, separate agreements between the City and Paris Living and between the City and Paris Habitat for Humanity will be a necessary component of finally implementing the program.