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RESOLUTION 2009- 72 R <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN <br />MARCOS, TEXAS, RATIFYING THE SUBMISSION OF A NEIGHBORHOOD <br />STABILIZATION GRANT TO THE TEXAS DEPARTMENT OF HOUSING <br />AND COMMUNITY AFFAIRS, AUTHORIZING THE CITY MANAGER TO <br />EXECUTE THE GRANT AGREEMENT; AND DECLARING AN EFFECTIVE <br />DATE. <br />R1P.C1TA1.C- <br />1. A Neighborhood Stabilization Program (NSP) grant application was submitted to <br />Texas Department of Housing and Community Affairs (TDHCA) in the amount of $525,000 on <br />April 27, 2009. <br />2. The proposed grant request includes funding for two Programs: HOUSING: (a) <br />$360,000 for the acquisition and resale of three (3) foreclosed single-family residences to <br />households with a total annual income that does not exceed 50% of area median income; (b) <br />$29,850 for minor rehabilitation and energy efficiency upgrades to the residences; (c) $60,000 for <br />homebuyer assistance (mortgage buy downs not to exceed $30,000); (d) $150 for homebuyer <br />education and DEMOLITION: $50,000 for removal of 8 vacant unsafe structures. <br />0 3. The request includes $25,000 for Program Administration. <br />4. If the City is awarded this grant, matching funds will not be required. <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br />PART 1. The submission of an NSP grant application to Texas Department of <br />Housing and Community Affairs is ratified. <br />PART 2. The attached NSP grant application to Texas Department of Housing and <br />Community Affairs is approved. <br />PART 3. The City Manager, Rick Menchaca, is authorized to execute the grant <br />agreement and related documents and to act in all matters related to the grant application and the <br />grant agreement on behalf of the City. <br />PART 4. This Resolution shall be in full force and effect immediately from and <br />after its passage. <br />ADOPTED this the 11th day of May 2009. <br />