Title
Consider/Discuss/Act on a Resolution Authorizing the Interim City Manager to Pursue Grant Funding through the Texas Department of Housing and Community Affairs (TDHCA) HOME Investments Partnerships Program Reservation System
Summary
MEETING DATE: January 18, 2011
DEPARTMENT: Community Services Department - Affordable Housing Services Office
CONTACT: Cristel Pruneda, Affordable Housing Administrator
RECOMMENDED CITY COUNCIL ACTION:
• Approval of the Resolution.
ITEM SUMMARY:
• The attached Resolution authorizes the Interim City Manager to apply for the Texas Department of Housing and Community Affairs (TDHCA) HOME Investment Partnership Program - Reservation System, and authorizes the Interim City Manager to execute the contract with TDHCA and approve all pursuant documentation.
• This Resolution will allow the City of McKinney access to additional set aside funds on the contract system to assist our residents.
• The funds will be used to assist low-to-moderate-income first-time homebuyers in the purchase of a new home by providing down payment and closing costs assistance, and to assist low-to-moderate-income homeowners with the reconstruction of their substandard owner occupied homes.
BACKGROUND INFORMATION:
• Since 2004, the City of McKinney has been awarded grants from TDHCA to assist low-to-moderate-income first-time homebuyers in the purchase of a new home by providing down payment and closing costs assistance. Council approved the City’s application for this grant again on November 16, 2010.
• The City has also been awarded a reconstruction grant that allows us to assist low-to-moderate-income homeowners with rebuilding their substandard owner occupied homes.
FINANCIAL SUMMARY:
• N/A
BOARD OR COMMISSION RECOMMENDATION:
• N/A