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HomeMy WebLinkAboutC2008-297 - 8/12/2008 - ApprovedAFFORDABLE HOUSING PROJECT AGREEMENT CORPUS CHRISTI COMMUNITY DEVELOPMENT CORPORATION - NEW HOME CONSTRUCTION PROJECT This Affordable Housing Project Agreement ("Project Agreement") is entered into between the Corpus Christi Business and Job Development Corporation ("Corporation"), the City of Corpus Christi ("City"), and Corpus Christi Community Development Corporation ("Grantee"). WHEREAS, the Texas Legislature in Section 4A of Article 5190.6, Vernon's Texas Revised Civil Statutes (Development Corporation Act of 1979) empowered local communities with the ability to adopt an optional local sales and use tax as a means of improving the economic health and prosperity of their citizens; WHEREAS, on November 5, 2002, residents of the City of Corpus Christi passed Proposition 2, New and Expanded Business Enterprises, which authorized the adoption of a sales and use tax for the promotion and development of new and expanded business enterprises at the rate of one-eighth of one percent to be imposed for 15 years; WHEREAS, in the same election, the residents of the City passed Proposition 26, Affordable Housing, which authorized the use of a portion of the sales and use tax approved under Proposition 2 for affordable housing, up to $500,000 annually, so long as there are projects for which the amount can reasonably be used; WHEREAS, the 1/8 cent sales tax authorized by passage of Proposition 2 and allocated under Proposition 26 for affordable housing was subsequently enacted by the City's City Council ("City Council"), and filed with the State Comptroller of Texas, effective April 1, 2003, to be administered by the Corporation's Board of Directors ("Board"); WHEREAS, the Board issued a request for proposals for affordable housing projects; WHEREAS, Grantee submitted a proposal to the Board to request funds for the purchase of land for affordable housing, construction and development fees, and installation of green building features into new homes. WHEREAS, the Board has determined that it is in the best interests of the residents of the City of Corpus Christi that affordable housing funds be awarded, by execution of this Project Agreement, to accomplish the affordable housing project described in this agreement and in portions of the Grantee's proposal; In consideration of the covenants, promises, and conditions stated in this Project Agreement, the Corporation, Grantee, and the City agree as follows: 1. Project Agreement to Implement Affordable Housing Project. This Project Agreement between the Corporation, the City, and Grantee is executed to implement the promotion and development of an affordable housing project proposed by Grantee 2008-297 08/12/08 Page 1 of 11 Res. 027807 Ames 07152008.doc CCCDC - 4A Board in response to the Board's request for proposals ("Project Response"). The Project Response submitted by Grantee, entitled "CCCDC New Home Construction Project" ("Project") is attached to this Project Agreement as Exhibit A, and is incorporated in this Project Agreement by reference. 2. Effective Date. The effective date of this Project Agreement is the latest date on which a party to the Project Agreement executes this Project Agreement. ("Effective Date") 3. Expiration Date. This Project Agreement expires on January 31, 2011 4. Services to be Provided by City. a. The City, through the City's City Manager or his designee ("City Manager"), administers the funding and performs contract administration responsibilities, as outlined in this Project Agreement, for the Corporation. 5. Services to be Provided by Grantee. a. Grantee shall acquire nine (9) lots for the construction of new single-family homes for low or moderate income families. Funds from this grant may be used to defray portions of the costs to purchase the lots. The cost of each new lot must not exceed $25,000.00. b. Grantee shall construct nine (g) new single-family homes for low or moderate income families. Funds from this grant may be used to defray portions of the costs of construction and to buy down the costs of development service fees for the new homes. c. Each new home must incorporate energy efficient features in the construction of the homes for sustainability. Funds from this grant may be used to defray portions of the costs of installing the energy efficient features. d. Grantee is a recipient of HOME funds, and must provide families with down payment assistance in the form of a forgivable loan in the amount of $15,000 to $20,000 to families of low to moderate income. e. Grantee must use lower down payment assistance to help more families with low to moderate income, as deemed by HUD standards, qualify for the purchase of a home. f. Each homeowner must meet the qualifications in Exhibit B. 6. Services to be Provided by Corporation. The Corporation will provide a grant of up to $25,000.00 toward the construction of each of the nine (g) new homes, including the purchase of land and construction of the house incorporating energy efficient features, but the total granted may not exceed $225,000.00. Page 2 of 11 AROrdable Housing -CCCDC -New Homes 07152008.doc 7. Documentation and Reports. a. Grantee shall maintain all documentation relating to the receipt and expenditure of the funds provided under this Project Agreement for a period of three years following the expiration of this Project Agreement or for such longer period as may be required by Federal or State law. b. Grantee shall provide access to all records, documents, reports, and audits, regarding the funded activity under this Project Agreement, during regular business hours, for the purpose of inspection and copying by the City Manager. Furthermore, Grantee shall provide to the City Manager any information pertinent to this Project Agreement, as may be requested during the term of this Project Agreement. c. Grantee shall submit a performance report ("Quarterly Report") to the City and the Corporation at least once each quarter, and a complete performance report ("Final Report") within 30 days of the expiration of this Project Agreement. The Quarterly and Final Reports must contain all relevant details pertaining to the acquisition of the land and construction of the nine homes with energy efficient features with funds made available under this agreement, and include any supporting documentation required to substantiate the written narrative contained in the reports. The reports must document: (1) Property appraisal information (2) Title and Deed of Trust for the property purchased (3) Expenses incurred for construction project (4) Purchase price of the new constructed home (5) Home buyer assistance information -amounts per homebuyer (6). Itemized Energy efficiency (green building) features with documented expenses (7). Balance of 4A grant (8) Pending project expenses (9). Status of project time line (10). Project challenges and anticipated resolutions. Page 3 of 11 Affordable Housing - CCCDC -New Homes 07152008.doc 8. Amendments or Modifications. a. No amendments or modifications to this Project Agreement may be made, nor any provision waived, unless the amendment or modification is made in writing and signed by persons duly authorized to sign agreements on behalf of all parties. b. The Corporation's President and City Manager are authorized to execute minor amendments or modifications to this Project Agreement, by exchange of letters with the Grantee. The minor amendments and modifications may relate to the timing of performance and reporting, the scope of work to be performed, the number of homebuyers assisted, or the amount of assistance provided to each homebuyer. However, the minor amendments or modifications may not increase the amounts of money available to the Grantee under this Project Agreement. 9. Severability. a. If forany reason, any section, paragraph, subdivision, clause, provision, phrase or word of this Project Agreement or the application of this Project Agreement to any person or circumstance is, to any extent, held illegal, invalid, or unenforceable under present or future law or by a final judgment of a court of competent jurisdiction, then the remainder of this Project Agreement, or the application of the term or provision to persons or circumstances other than those as to which it is held illegal, invalid, or unenforceable, will not be affected by the law or judgment, for it is the definite intent of the parties to this Project Agreement that every section, paragraph, subdivision, clause, provision, phrase, and word of this Project Agreement be given full force and effect for its purpose. b. To the extent that any clause or provision is held illegal, invalid, or unenforceable under present or future law effective during the term of this Project Agreement, then the remainder of this Project Agreement is not affected by the law, and in lieu of any illegal, invalid, or unenforceable clause or provision, a clause or provision, as similar in terms to the illegal, invalid, or unenforceable clause or provision as may be possible and be legal, valid, and enforceable, will be added to this Project Agreement automatically. 70. Compliance with Laws. Grantee shall comply with all applicable Federal, State, and local government laws, rules, regulations, and ordinances which may be relevant to Grantee's performance under this Project Agreement. 11. Jurisdiction and Venue. a. This Project Agreement is governed by and must be construed under the laws of the State of Texas. Page 4 of 11 Affordable Housing - CCCDC -New Homes 07152008.doc b. All actions brought to enforce compliance with this Project Agreement must be brought in Nueces County, Texas, where this Project Agreement was entered into and must be performed. 12. Acknowledgment and Construction of Ambiguities. The parties expressly agree that each has independently read and does understand this Project Agreement. By Grantee's execution of this Project Agreement, Grantee agrees to be bound by the terms, covenants, and conditions contained in this Project Agreement. Any ambiguities in this Project Agreement may not be construed against the drafter. 13. Indemnity. Grantee must fully indemnify and hold harmless the City of Corpus Christi, the Corpus Christi Business and Job Development Corporation, and their officers, employees, and agents (hereinafter, collectively "Indemnitees") from and against any and all liability, damage, loss, claims, demands, expenses, suits, and causes of action of any nature whatsoever on account of injury or damage to person (including, without limitation on the foregoing, premises defects, workers' compensation, and death claims) or property loss or damage of any kind whatsoever which arise out of or are in any manner connected with, or are claimed to arise out of or be in any way connected with, either proximately or remotely, wholly or in part, any activities by Grantee, its officers, employees, agents, members, invitees, or independent contractors with respect to this Project Agreement or the Project that is the subject of this Project Agreement, regardless of whether such injuries, death, or damages are caused, or are claimed to be caused, by the contributory negligence of any of the Indemnitees, but not if caused by the sole negligence of the Indemnitees unmixed with the fault of any other person or entity. Grantee covenants and agrees that if Indemnitees, or any of them, are made a party to any litigation against Grantee or in any litigation commenced by any party other than Grantee relating to this Project Agreement or Project, Grantee shall, upon receipt of reasonable notice regarding commencement of litigation, at its own expense, investigate all claims and demands, attend to their settlement or other disposition, defend Indemnitees in all actions based thereon with legal counsel satisfactory to Indemnitees, and pay all charges of attorneys and all other costs and expenses of any kind arising from any said liability, damage, loss, demand, claim, or action. Page 5 of 11 Affordable Housing - CCCDC -New Homes 07152008.doc 14. Warranties. Grantee warrants and represents to Corporation the following a. Grantee is a duly organized, validly existing, and in good standing under the laws of the State of Texas, has all authority to carryon its business as presently conducted in Corpus Christi, Texas. b. Grantee has the authority to enter into and perform, and will perform, the terms of this Project Agreement. c. Grantee has timely filed and will timely file all local, State, and Federal tax reports and returns required by law to be filed and all taxes, assessments, fees, and other governmental charges, including applicable ad valorem taxes, have been timely paid, and will be timely paid, during the term of this Project Agreement. d. Grantee has received a copy of the Texas Development Corporation Act of 1979, Art. 5190.6, Vernon's Texas Revised Civil Statutes, and acknowledges that the funds granted in this Project Agreement must be utilized solely for purposes authorized under State law and by the terms of this Project Agreement. e. If an audit determines that the funds were not used for authorized purposes, Grantee agrees to reimburse Corporation for the sums of money spent for purposes not authorized by law within 30 days written notice requesting reimbursement. f. The parties executing this Project Agreement on behalf of Grantee are duly authorized to execute this Project Agreement on behalf of Grantee. 15. Events of Default. The following events constitute a default of this Agreement a. Failure of Grantee to timely, fully, and completely comply with any one or more of the requirements, obligations, duties, terms, conditions, or warranties of this Project Agreement. b. The Corporation or City determines that any representation or warranty on behalf of Grantee contained in this Project Agreement or in any financial statement, certificate, report, proposal, or opinion submitted to the Corporation in connection with this Project Agreement was incorrect or misleading in any material respect when made. c. Any judgment is assessed against Grantee or any attachment or other levy against the property of Grantee with respect to a claim remains unpaid, undischarged, or not dismissed for a period of 30 days. d. Grantee makes an assignment for the benefit of creditors. e. Grantee files a petition in bankruptcy, or is adjudicated insolvent or bankrupt. Page 6 of 11 Affordable Housing - CCCDC -New Homes 07152008.doc f. If taxes on property owed by Grantee become delinquent, and Grantee fails to timely and properly follow the legal procedures for protest or contest. g. Grantee changes the general character of its business as conducted on or following the date this Agreement is approved by the Corporation. 16. Notice of Default. Should the Corporation or City determine that Grantee is in default under the terms of this Agreement, the Corporation or City shall notify Grantee in writing of the event of default and provide 60 days from the date of the notice ("Cure Period") for Grantee to cure the event of default. 17. Results of Uncured Default. After exhausting good faith attempts to address any default during the Cure Period, and taking into account any extenuating circumstances that might have occurred through no fault of Grantee, as determined by the Board of Directors of the Corporation, the following actions must be taken for any default that remains uncured after the Cure Period: a. Grantee shall immediately repay to Corporation, with interest at the interest rate paid by the City on its most recently issued general obligation bonds from date of expiration of Cure Period until fully paid, all funds not used under terms of this Project Agreement. b. Grantee shall pay Corporation reasonable attorney fees and costs of court to collect amounts due to Corporation. c. The Corporation shall have no further obligations to Grantee under this Project Agreement and this Project Agreement shall terminate. d. Neither the City nor the Corporation may be held liable for any consequential damages. e. The Corporation may pursue all remedies available under law 18. No Waiver. a. No waiver of any covenant or condition, or the breach of any covenant or condition of this Project Agreement, constitutes a waiver of any subsequent breach of the covenant or condition of the Project Agreement. b. No waiver of any covenant or condition, or the breach of any covenant or condition of this Project Agreement, justifies or authorizes the nonobservance on any other occasion of the covenant or condition or any other covenant or condition of this Project Agreement. c. Any waiver or indulgence of Grantee's default may not be considered an estoppel against the Corporation. Page 7 of 11 Affordable Housing - CCCDC -New Homes 07152008.doc d. It is expressly understood that if at any time Grantee is in default in any of its conditions or covenants of this Project Agreement, the failure on the part of the Corporation to promptly avail itself of the rights and remedies that the Corporation may have, will not be considered a waiver on the part of the Corporation, but Corporation may at any time avail itself of the rights or remedies or elect to terminate this Project Agreement on account of the default. 19. Notices. a. Any required written notices shall be sent, certified mail, return receipt requested, addressed as follows: If to Grantee: Corpus Christi Community Development Corporation Attn: President 615 Upper N. Broadway, Suite 1100 Corpus Christi, Texas 78477 If to Corporation: City of Corpus Christi Business and Job Development Corporation Attn: Executive Director 1201 Leopard Street Corpus Christi, Texas 78401 b. A copy of all notices and correspondence must be sent to the City at the following address: City of Corpus Christi Attn.: City Manager P.O. Box 9277 Corpus Christi, Texas 78469-9277 c. Notice is effective upon deposit in the United States mail in the manner provided in subsection a of this section. 20. Incorporation of other documents. The Corpus Christi Business & Job Development Corporation 4a Board Affordable Housing Request for Proposals issued April 7, 2008, is incorporated into this Project Agreement. 21. Relationship of Parties. In performing this Agreement, the Corporation, Grantee, and the City shall act in an individual capacity, and not as agents, representatives, employees, employers, partners, joint-venturers, or associates of one another. The employees or agents of either party may not be, nor be construed to be, the employees or agents of the other party for any purpose. Page 8 of 11 Affordable Housing - CCCDC -New Homes 07152008.doc 22. Nonassignment. Grantee may not assign, mortgage, pledge, or transfer this Project Agreement or any interest contained in this Project Agreement without the prior written consent of the other parties to this Project Agreement. 23. Non-discrimination. a. Grantee may not discriminate nor permit discrimination against any person or group of persons on the grounds of race, gender, disability, religion, age, or national origin in any manner prohibited by the laws of the United States or the State of Texas. b. The Corporation retains the right to take any action the United States or the State of Texas may direct to enforce this non-discrimination covenant. 24. Captions. The captions in this Project Agreement are for convenience only and are not a part of this Project Agreement. The captions do not in any way limit or amplify the terms and provisions of this Project Agreement. 25. Entire Agreement. This Project Agreement and the referenced and incorporated documents constitute the entire agreement between the Corporation, the City, and Grantee for the purpose stated. All other agreements, promises, representations, and understandings, oral or otherwise, with reference to the subject matter of this Project Agreement, unless contained in this Project Agreement, are expressly revoked, as the parties intended to provide for a complete understanding, within the provisions of this Project Agreement and its referenced and incorporated documents, of the terms, conditions, promises, and covenants relating to the each party's required performance under this Project Agreement. CORPUS CHRISTI BUSINESS & JOB DEVELOPMENT CORPORATION EI Sa aza Chairman ~~~-off Date Page 9 of 11 Affordable Housing - CCCDC -New Homes 07152008.doc ACKNOWLEDGMENT STATE OF TEXAS § § KNOW ALL BY THESE PRESENTS: COUNTY OF NUECES § This instrument was acknowledged before me on d'1 ~ , 2008, by Eloy Salazar, Chairman, Corpus Christi Business & Job elopment Corporation, a Texas nonprofit corporation, on behalf of the corporation. ATTEST: ~~D~-~+---- Armando Chapa City Secretary Date: ~/?~/%~' CITY OF CORPUS CHRISTI G orge K. Noe City Manag r Date: ~~ ~/~~ APPROVED AS TO FORM: R. J ~fining Fir Assistant CJt Attorney for the City Attorney dl' CaUNCII SFCRfTASY Page 10 of 11 Affordable Housing - CCCDC -New Homes 07152008.doc CORPUS CHRISTI COMMUNITY DEVELOPMENT CORPORATION ce, ~~ Sylv A. Ford Pre ' ent Date ACKNOWLEDGMENT STATE OF TEXAS § § KNOW ALL BY THESE PRESENTS: COUNTY OF NUECES § This instrument was acknowledged before me on .' '~' 7 ~ , 2008, by Sylvia A. Ford, President, Corpus Christi Community evelopment Corporation , a Texas Domestic For-Profit Corporation, on behalf of the corporation. ~~~1 ~ircK~a~c~ NOTARY PUBLIC State of Texas ~ „m_. . v..~w.ry, e.vvvw vv vwvvt~r, ~vp.~.?~ SAVANNAH KIRKPATRICKe j.~ }* PlntaryPubtle > '•w~• 9teteof7exaa y '~a~ My Comm.Exp.OfNISl2011 vvven.a!~n.n.~t Page 11 of 11 Affordable Housing - CCCDC -New Homes 07152008.doc Corpus Christi Community Development Corporation Grant Proposal May 1, 2008 Enclosed is a proposal from the Corpus Christi Community Development Corporation for the request of a grant for the construction ofsingle-family affordable housing. The CDC hereby acknowledges and certifies that we can and will meet all RFP provisions. Questions can be addressed to me at (361) 844-1213 or (361) 876-7198. Sincerely, ~. yl 'a A. Ford sident Corpus Christi Community Development Corporation Exhibit A Corpses Christi Coenensenity Deeelopenent Corporation Grant Proposal The Corpus Christi Community Development Corporation (CDC) was established by a group of six local banks in January 1996. The purpose of establishing the CDC was to: (a) Promote, develop and improve the economic conditions of people in the azea of Corpus Christi, Texas. (b) Encourage and assist through loans, investments and other business transactions, an increase in the supply of affordable housing, including housing for low and moderate-income persons. The CDC's mission is to improve the economic conditions of the azea of Corpus Christi through cooperative efforts of the banking institutions, which aze shazeholders of the corporation. The banking institutions (shareholders) of the CDC aze American Bank, Frost Bank, IBC Bank, and Wells Fazgo Bank. Each shareholder has invested dollars on behalf of their banking institution to use for single-family affordable housing equal to the amount of $350,000. hi addition to this investment, the CDC will provide HOME funds for down payment/closing costs in the amount of $10,000-$20,000 for each of the qualified families. The CDC has been involved in single-family affordable housing since 1996. Since that date, the CDC has facilitated the construction of 232 homes for families of low income. It has provided 0% interest loans for the development of affordable housing subdivisions and has handled HOME loan funds providing down payment assistance. The CDC's involvement represents $4,652,767 in new affordable home construction. Outlined in this proposal is a plan to construct fifteen (15) single-family homes and assist families of low income purchase the homes by acquiring the land for the homebuyer, incorporating energy efficient features in the construction of the homes for sustainability, providing education to the families in Pre and Post homeownership in areas such as credit management, delinquency prevention and budgeting. Families will also receive education in minor home repairs. This request also includes the buy down of development services fees associated with construction to keep construction costs lower. CDC Pronosed Timeline: August -October 2008 Land Acquisition December 2008 CDC Issues RFP for Single-family Affordable Housing Builders January 2009 CDC Awards Builder Allocation, HOME Down Payment Assistance February 2009-February 2011 Construction of 15 Single-family Homes Corpus Citristi Cosnrnunity Deveiopnaent Corporation Afforciabie Mousing Grant Proposal May 1, 2008 Grant Request: $430,500 The Corpus Christi Community Development Corporation (CDC) was established by a group of six local banks in January 1996. The purpose of establishing the CDC was to: (a) Promote, develop and improve the economic conditions of people in the area of Corpus Christi, Texas. (b) Encourage and assist through loans, investments and other business transactions, an increase in the supply of affordable housing, including housing for low and moderate- incomepersons. The CDC's mission is to improve the economic conditions of the azea of Corpus Christi through the cooperative efforts of the banking institutions, which are the shareholders of the corporation. The banking institutions (shazeholders) of the CDC aze American Bank, Frost Bank, IBC Bank and Wells Fargo Bank. Each shareholder has invested dollars on behalf of their banking institution to use for single-family affordable housing equal to the amount of $350,000. The CDC has been involved in single-family affordable housing since 1996. Since that date, the CDC has facilitated the construction of 232 homes for families of low income. It has provided 0% interest loans for the development of affordable housing subdivions and has handled HOME loan funds providing down payment assistance. The CDC's involvement represents $4,652,767 in new affordable home construction. The CDC has recognized that the current economy has made it very difficult for families of low income to afford housing and has put this plan in place to assist them in becoming homeowners. The plan includes most of the components that aze needed for low to moderate- income families to become homeowners: (a) Housing that is affordable for families of low income (b) Pre-purchase and Post-purchase education homebuyer counseling which will be available to homebuyers before and during homeownership to provide homeowners the tools that will assist them in maintaining ownership of their home and not becoming another foreclosure statistic (c) Green Concepts for energy efficiency for homeowner sustainability (d) Buy down of the purchase price of the house by assisting with development services fees associated with the construction of the homes. The CDC recognizes that there are many challenges in the development of single-family affordable housing for low income, but believes that some of the obstacles can be overcome through partnership efforts, the commitment of the shareholders and the dollazs committed to the CDC by each of the financial institutions, committed builders/lenders, and the grant dollars requested from the Corpus Christi Business and Job Development Corporation. The following outlines the Corpus Christi Community Development's grant request. Land Acquisition: Grant Request: $375,000 For Purchase Of 15 Lots For Single-family New Affordable Home Construction (a) Location to be determined. booking at several options. (b) Lot cost approximately $25,000 per lot. (c) 151ots to be created for single-family affordable housing (d) Zoning will be residential (e) Nueces County Tax Appraisal District property tax report not yet in place until land identified (f) Title opinion not yet in place until land identified (g) Start Date: August, 2008 Completion Date: October 2008 Construction/Develoument Requirements: Grant Request: $15,000 For Development Of 15 Single-family New Affordable Home Construction (a) Estimated cost of construction per home is $63,000 (b) Development services fees associated with construction @ 1,000 per home = $15,000 (c) Location of project has not yet been determined. Looking at several options. (e) Start Date: February 2009 Completion Date: February, 2011 Green Building Concepts: Grant Request: $22,500 For Energy Efficiency For Homeowner Sustainability (a) Estimated cost of energy efficient water heaters for 15 low income homes @ $1,000 each = $15,000 (b) A partnership with a for profit corporation will provide energy efficient light bulbs for each of the homes at no cost (c) A partnership with anon-profit organization will provide two (2) shade trees for each of the 15 homes at no cost (d) Estimated cost for Certified Energy Efficient Assessor to oversee construction of 15 low income homes to ensure home construction meets 100% energy efficiency guidelines @ $500 each = $7,500 (e) Builders building 100% energy efficient affordable homes will receive a $2,000 Tax Credit for each home (f) Homeowners aze eligible to receive Tax Credits based on energy efficiencies provided in their home. CounselinE Grant IBequest: $18,000 For Pre-purchase And Post-purchase Education For Families Of Low Income (a) Partnership with non-profit organization will provide Pre-purchase and Post-purchase education to families of low income. Education will consist of credit management, delinquency prevention and budgeting @ $1,200 per family = $ 18,000 (b) Minor Home Repair Education will be provided through partnerships with plumbers, electricians, and home improvement specialists to teach homeowners how to make minor home repairs to their homes and avoiding major repair costs associated with families not knowing how to make minor repairs. Education will be provided at no cost. The CDC is a recipient of HOME Funds and will provide families with Down Payment Assistance in form of a forgiveable grant in the amount of $13,000-$20,000 to families of low to moderate income qualifying under HUD guidelines. Example of proposed CDC Affordable Housing Model is as follows. Model subject to change based on down payment assistance needs: Cost of Home $85,000 CDC Land Grant - 22 000 $63,000 HOME Grant - $10,000 $53,000 IN CONCLUSION: ($22,000 lot purchase/$3,000 closing costs=$25,000 Lot) ($10,000 down paymenU$3,000 closing cost=$13,000 grant) 1Vlortgage Loan Amount (a) This proposal allows for the use of lessor down payment assistance, thus helping more families (b) The opportunity to assist families at 60% and 50% Area Median Income (AMI) as deemed by HUD standards. Historical City of Corpus Christi statistics show that more families at 80% and 70% of Area Median Income are current homeowners under the HOME program for single-family new construction and very few families of lower income aze homeowners under same program. (c) Provides education which is crucial to the homeowner's success in homeownership (d) Includes energy efficiency which promotes sustainability by which families can afford to pay their mortgage and utility costs. C3DC Proiect'Pimeline: August -October 2008 Acquire Land December 2008 CDC issues RFP for Single-family Affordable Housing Builders January 2009 CDC awazds Builder Allocation, HOME Down Payment Februazy 2009-February 2011 Construction of l 5 Single-family Homes "Exhibit F" CITY OF CORPUS CHRISTI DISCLOSURE OF INTERESTS City of Corpus Christi Ordinance 17112, as amended, requires all persons or firms seeking to do business with the City to provide the tofl(yy',n'ng informal n. Every qu must be answered. If the question is not applic/able, answer with DNAD. FIRMNAME:w`..~~...ritiT~-..et-j......~~vG~p metLl'....~..Of' r'ct-k"toM- STREET:......5.}t...•i•GO.O ................................................ CITY:S.Of.!(?~.5....~t'LS'ti~........ ZIP:~~?.~.1:...... FIRM is: 1. Corporation ~ 2. Partnership [ ] 3. Sole Owner [ ] 4. Association [ J 5. Other [ ] ..................................................................................................................................................... DISCLOSURE QUESTIONS If additional space is necessary, please use the reverse side of this page or attach separate sheet State the names of each employee' of the City of Corpus Christi having an'ownership interest' constituting 3°h or more of the ownership in the above named firm'. Name Job Title and City Department (if known) ......................................................... ..................................................................................................................................................................................... 2. State the names of each 'official' of the City of Corpus Christi having an 'ownership interest' constituting 3% or more of the ownership in the above named firm'. Nam~ep Title ..... ~ Y . /1~ ................................................... ................................................................................................................ 3. State the names of each board member" of the City of Corpus Christi having an "ownership interest' constituting 3°h or more of the ownership in the above named 'firm'. Name .....~.~A..... Board, Commission or Committee 4. State the names of each employee or officer of a'consultant' for the City of Corpus Christi who worked on any matter related to the subject of this contract and has an 'ownership interest' constituting 3% or more of the ownership in the above named firm'. Name Consultant ...~.(. ['4 ................................................... CERTIFICATE I certify that all information provided is true and correct as of the date of this statement, that I have not knowingly withheld disclosure of any information requested; and that supplemental statements wtli be promptly submitted to the Cilyof Corpus Christi, Texas as than es occur. t~ r~ jj~~ Certifying Person: ..~1,'.~!!. ~~.......f'1.~..... ~'..`.'.',~ ........ Title:....`.tL'L°.S.! de.~,T ............................................. •.• (Type or PrIAM) Signature of Certifying Person:. ~Yk~......E'~.< .......................... Date:.......~.T,' O ........ fl.o ....................................... Exhibit B Project Eligibility Criteria The City's 4A Board of Directors is requesting proposals involving the creation of individually owned single-family housing units that qualify as affordable housing. Affordable Housino: Texas Revised Civil Statues, Article 5190.6, Section 3(c) includes promotion of the development and expansion of affordable housing as defined by 42 USC 12745 as a projects eligible for the expenditure of economic development sales tax funds (4a funds). This Statute basically provides qualification or restrictions on housing to assure that the housing retains the "affordable" characteristic: Housing that is for homeownership qualifies as affordable if: (1) The initial purchase price does not exceed 95% of the median purchase price for the area, with adjustments for differences in the structure, such as single- family, new or old housing; (2) The home is the principal residence of an owner whose family qual~es as a low-income family (determined at the time of purchase); (3) The home is subject to resale restrictions to provide for resale to qualifying persons with a fair return to the owner and investment made to make the home affordable, and (4) If the home is newly constructed, it meets energy efficiency standards. (5) Rehabilitation of affordable housing would require that sufficient safeguards be placed on the funding to assure that the housing remains affordable with the definition of 42 USC 12745. Proposals must be for affordable single-family home ownership units designed to assist low and moderate income households. Persons assisted must be residents of the City of Corpus Christi; and must meet the following HUD income guidelines: FAMILY SIZE 1 2 3 4 5 6 7 8 ANNUAL INCOME 27000 30850 34700 38550 41650 44700 47800 50900 sed 3121/071ncome limits are established by HUD and are subject to change without notice.