Title
Consider/Discuss/Act on a Resolution Authorizing the City Manager to Apply for and Accept, if Awarded, a HOME Investments Partnerships Program Homeowner Rehabilitation Assistance (HRA) Grant Through the Texas Department of Housing and Community Affairs (TDHCA)
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
MEETING DATE: May 1, 2018
DEPARTMENT: Housing and Community Development
CONTACT: Cristel Todd, Affordable Housing Administrator
Janay Tieken, Housing and Community Development Manager
RECOMMENDED CITY COUNCIL ACTION: Approve Resolution
ITEM SUMMARY:
• The attached Resolution authorizes the City Manager to apply for the Texas Department of Housing and Community Affairs (TDHCA) HOME Investments Partnerships Program - Homeowner Rehabilitation Assistance (HRA) grant in the amount of $208,000.00, and authorizes the City Manager to execute the contract with TDHCA and approve all pursuant documentation.
• The funds will be used to assist two (2) low-to-moderate income homeowners in the reconstruction of their substandard owner occupied home.
• A 15% match is required to apply for this grant. $30,000 is the total amount of match we will provide.
BACKGROUND INFORMATION:
• The City of McKinney has partnered with the Texas Department of Housing and Community Affairs (TDHCA) in providing safe, decent and affordable housing for over 15 years.
FINANCIAL SUMMARY:
• The amount of the grant request is $208,000.00. $200,000.00 is for projects and $8,000.00 is Administrative cost.
• There is $30,000.00 match requirement. $27,218.90 of the match will come from fund balance in the Community Housing Fund. The remaining match, $2,781.10 will come from the waiver of two (2) building fees for the reconstruction of these substandard homes.
• The Housing and Community Development Department facilitates the sales of City of McKinney tax foreclosed and/or surplus properties in furtherance of the City of McKinney policy to use proceeds from these sales to create affordable housing opportunities for the low-to-moderate income families.
• This is a reimbursable grant. TDHCA requires applicants to have a cash reserve of $40,000 to provide services prior to reimbursements. The funds have been reserved for the FY18-19 budget in the Community Housing Fund 014-1253-463-8564.
BOARD OR COMMISSION RECOMMENDATION: N/A