Title
Consider/Discuss/Act on a Resolution Authorizing the 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 15, 2013
DEPARTMENT: Housing and Community Development Department - Housing Services Division
CONTACT: Cristel Todd, Affordable Housing Administrator
RECOMMENDED CITY COUNCIL ACTION:
· Approval of the 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 - Reservation System, and authorizes the 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.
· 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