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City of San Marcos, Texas 0 <br />Employer Identification Number (EIN) - 74-600223 8 <br />Number "22.a" <br />Detailed Description of Proposed Funding <br />Request <br />Types of Activities Proposed <br />Activity One: <br />The NSP funds will be used for the demolition of 8 vacant, substandard units that have <br />been identified as deteriorated and substandard that create a public health and safety <br />hazard. These homes are located in the City of San Marcos where 49% of the housing <br />stock is older than 25 years. Unless demolition and upgrades are performed, aging <br />houses will continue to further deteriorate. (Detailed Program Description Attached) <br />Total proposed NSP grant funding: $ 50,000 <br />Activity two: • <br />The NSP funds will be used to acquire/minor rehabilitate housing units the City has <br />identified and sold to households with income which do not exceed 50% Area Median <br />Income. Homebuyers must qualify for primary mortgage with TDHCA to purchase NSP- <br />assisted properties, and may qualify for "Gap Financing" in accordance with program <br />guidelines. The City has identified foreclosed homes which will be targeted for purchase <br />(see attached). <br />BUDGET: <br />Acquisition of three foreclosed housing units <br />at an average sales price of $120,000 5360,000 <br />Minor rehabilitation to include soft costs and items <br />identified in property inspection. Inspection will <br />include an energy audit performed by the City of <br />San Marcos and upgrades to increase energy efficiency. 29,850 <br />Homebuyer Education for 3 applicants 150 <br />Gap Financing 60,000 <br />Total proposed NSP grant funding: $450,000 <br />TOTAL NSP FUNDS REQUESTED: $500,000 0