Title
Consider/Discuss/Act on a Resolution Authorizing the City Manager, or Authorized Designee, to Execute an Interlocal Agreement between the Cities of McKinney, Frisco, and Plano, Texas for Participation in First-Time Homebuyer Education Classes for Residents of Each Municipal Jurisdiction Who Wish to Purchase a Home
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
MEETING DATE: March 7, 2017
DEPARTMENT: Housing and Community Development
CONTACT: Cristel Todd, Affordable Housing Administrator
RECOMMENDED CITY COUNCIL ACTION:
• Approval of the Resolution.
ITEM SUMMARY:
• The attached Resolution authorizes the City Manager, or authorized designee, to approve the terms and conditions of an Interlocal Agreement between the cities of McKinney, Frisco, and Plano, Texas for participation in First-Time Homebuyer Education Classes for residents of each municipal jurisdiction who wish to purchase a home.
• In order to serve the needs of all three communities more efficiently, staff recommends the cities of McKinney, Frisco, and Plano combine financial resources and offer one class for all three cities.
• This agreement increases the availability of classes for homeowners, improves the homebuyer training materials, eliminates duplication of services, and reduces the cost for a first time homebuyer educational program for all three cities.
BACKGROUND INFORMATION:
• The first Interlocal Agreement between the cities of McKinney, Frisco, and Plano, Texas for participation in First-Time Homebuyer Education Classes was on February 7, 2012.
FINANCIAL SUMMARY:
• The Interlocal Agreement reduces the City of McKinney’s administrative cost.
• The total cost of the 2017 Class Budget is $11,006.00. The City of McKinney pays $2,203.00. This cost is in the FY 16-17 budget for Homebuyer Assistance Admin in the Community Housing Fund 014-1253-463-8516.
BOARD OR COMMISSION RECOMMENDATION:
• N/A