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I I I 20. RESOLUTION NO. 2006- 69 R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, APPROVING AN AMENDMENT TO THE CITY'S COMMUNITY DEVELOPMENT BLOCK GRANT ("CDBG") FIRST TIME HOMEOWNER'S PROGRAM TO AMEND ELIGIBILITY CRITERIA; APPROVING THE REALLOCATION OF UNUSED CDBG FUNDS FROM PREVIOUS YEAR PROJECTS TO NEW CDBG PROJECTS; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. On April 26, 2004, the City Council approved CDBG funding for a First Time Homebuyer Program (the "Program"). 2. The City Council wishes to amend eligibility criteria established for the Program. 3. There is currently $60,000.00 in unused CDBG program funding available for reallocation to new CDBG projects. 4. The City Council has conducted a public hearing on the reallocation of the $60,000.00 in unused CDBG funds and on the amendment to the Program criteria, and has provided a thirty day citizen comment period in order to accept written comments on the proposed amendment/reallocation. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: PART 1. An amendment to the City's First Time Homebuyer Program to increase the maximum income limit to 80% of the area median income ("AMI") from the current 60%, and to add a provision that allows a non-resident who has been continuously employed within the City limits for six months prior to submitting an application to be eligible is approved. PART 2. The reallocation of $60,000.00 in unused CDBG funds from previous year projects to the following projects is approved: Cephus House Restoration Family Violence Shelter Relocation (Professional Services) Affordable Housing Assistance for Code Compliance $20,000.00 $20,000.00 $20,000.00 Total Reallocation: $60,000.00