Title
Consider/Discuss/Act on a Resolution Authorizing City Manager to Pursue Grant Funding through the Texas Department of Housing and Community Affairs (TDHCA) HOME Investments Partnerships Program Homebuyers Assistance (HBA)
Summary
MEETING DATE: November 16, 2010
DEPARTMENT: Community Services/Affordable Housing Services Office
CONTACT: Cristel Pruneda, Affordable Housing Administrator
RECOMMENDED CITY COUNCIL ACTION:
• Adopt resolution.
ITEM SUMMARY:
• The attached Resolution authorizes the City Manager to apply for the Texas Department of Housing and Community Affairs (TDHCA) HOME Investment Partnership Program - Homebuyer Assistance (HBA) grant in the amount of $312,000.00 for FY 2010-2011, and authorizes the City Manager to execute the contract with TDHCA and approve all pursuant documentation. This grant will provide assistance for two years.
• The application deadline is November 30, 2010. The application has been prepared and will be submitted on or before November 26, 2010.
• The funds will be used to assist thirty (30) low-to-moderate-income first-time homebuyers in the purchase of a new home by providing down payment and closing costs assistance.
• Notice of Award for the grant is expected in January 2011.
BACKGROUND INFORMATION:
• In 2008, the City of McKinney received a two year grant from TDHCA in the amount of $312,000.00 to assist forty (40) low-to-moderate-income first-time homebuyers in the purchase of a new home by providing down payment and closing costs assistance.
FINANCIAL SUMMARY:
• N/A
BOARD OR COMMISSION RECOMMENDATION:
• N/A