Title
Consider/Discuss/Act on a Resolution Authorizing Interim City Manager to Pursue Grant Funding through the Texas Department of Housing and Community Affairs (TDHCA) HOME Investments Partnerships Program Homebuyers Assistance (HBA)
Summary
COUNCIL GOAL: Operational Excellence
MEETING DATE: October 6, 2015
DEPARTMENT: Housing & Community Development
CONTACT: Cristel Todd, Affordable Housing Administrator
RECOMMENDED CITY COUNCIL ACTION:
• Approve 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 - Homebuyer Assistance (HBA) grant in the amount of $60,000.00 for FY 2015-2016, and authorizes the Interim City Manager to execute the contract with TDHCA and approve all pursuant documentation.
• The funds will be used to assist six (6) low-to-moderate-income first-time homebuyers in the purchase of a new home by providing down payment and closing cost assistance.
• A 5% match is required to apply for this grant and is available in the Community Housing Fund.
BACKGROUND INFORMATION:
• We have partnered with the Texas Department of Housing and Community Affairs (TDHCA) in providing safe, decent and affordable housing for over 10+ years.
FINANCIAL SUMMARY:
• The amount of the grant request is $60,000.00
• There is a $3,000.00 match requirement
• This will have no financial impact on the General Fund. The required match will come from a fund balance in the Community Housing Fund.
• The Housing and Community Development Department facilitates the sale of City of McKinney surplus and/or tax foreclosed properties in the furtherance of the City of McKinney’s policy to use proceeds from these sales to create affordable housing opportunities for low-to-moderate income families.
BOARD OR COMMISSION RECOMMENDATION: N/A