05-H Homestead Program Res 3 - Laserfiche WebLink

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(the Homestead Program). The purpose of said program shall be to recycle or place single family residential Lots or parcels of real property which have been foreclosed for delinquent ad valorem taxes or for other reasons and have not been redeemed by their owners in accordance with state law, and which have not been utilized under a similar program by the Non-Profit Entities defined herein, into a pool for use by the City to afford qualified low and moderate individuals the opportunity to obtain said Lots, participate in other grant and loan programs, and construct new houses thereon, thereby alleviating community blight, removing said property from the group of properties maintained by the City, enhancing the tax base for all Taxing Entities by fostering the construction of new single family residential homes, and generally improving the health, safety, and welfare of the citizens of the City of Paris. Section 4. That the City of Paris Homestead Program shall be administered by the City of Paris Community Development Department. The Director of said department shall be in charge of and have immediate responsibility for implementation of said program. Section 5. That the opportunity to participate in the Homestead Program shall be extended to low and moderate income individuals in accordance with the income criteria established for the City's current Homebuyer Assistance Program, as those criteria currently exist or shall be hereafter amended. For purposes of this resolution, the initial income criteria are attached hereto as Exhibit A and for all purposes incorporated herein. The City will insure that all applicants for the Homestead Program qualify as moderate or below households. To qualify the combined annual (gross) income of the applicant and all persons in the household over the age of 18 years cannot exceed 80% of the area median income, adjusted for the family size as defined in 24 CFR Part 813 (Section 8 Housing Program). The income status must be valid at the time of initial certification by the City. Section 6. That the following rules and regulations shall apply to implementation of the Homestead Program: a. Application for participation in the Homestead Program shall be made to the Director of Community Development, or the director's designee. Forms associated with such application process shall be prepared by the Director. b. Participation in the Homestead Program shall be restricted solely to construction of single family residential dwellings to be constructed on Lots as defined herein. c. The Lots eligible for use in the City's Homestead Program shall be those Lots remaining after Lots are designated for use in the City's Non-Profit Home Building Program. d. Following approval of an application by the Director, the applicant shall be provided with a list of available Lots and, following review of said Lots, shall designate a Lot which the applicant desires for use in construction of a new home. Thereafter, the applicant shall enter into an earnest money contract, in such form as the City shall specify, which will authorize the applicant to receive a special warranty deed to the property from the City of Paris as Trustee for the remaining Taxing Entities, on the condition that the applicant shall file for a -4-