O-2009-3187 3rd amendment to allow for additional financial assistance to eligible Down Payment Assistance

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HARRIS COUNTY COMMUNITY SERVICES DEPARTMENT EXECUTIVE SUMMARY THIRD AMENDMENT TO AGREEMENT October 13, 2009 On August 22, 2006, Commissioners Court approved an agreement between Harris County and The City of La Porte utilizing $457,300.00 in HOME Investment Partnership (HOME) Program, funds for the Northside Neighborhood Single - Fancily New Construction Project. The project consists of five (5) single- family homes for low - and very low- income citizens located at 211 North 1 Street, 207 and 216 North 2 thi Street, and 210 and 224 North 6 Street in the City of La Porte, Harris County, Texas, in Precinct Two. On March 4, 2008, Commissioners Court approved the First Amendment to the Agreement to reduce the amount of required match provided by the City of La Porte by $12,500.00 which allowed the City to retain marketing and listing services. On July 14, 2009, Commissioners Court approved the Second Amendment to the Agreement to increase HOME funds in the amount of $11,820.00 for partial funding of closing costs incurred from the sale of the houses for a total of $469,120:00 in HOME funds. The City of La Porte increased their match by $7,880.00 to cover a portion of the closing costs expenses for a total match of $109,705.00. The Harris County Community Services Department (CSD) and The City of La Porte now desire to amend the August 22, 2006 agreement to provide $40,000.00 in Tax Increment Reinvestment Zone (TIRZ) funds for a total Budget of $510,120.00 to provide additional down payment assistance to eligible homebuyers. The use of TIRZ funds is in accordance with the teGuidelines for Expenditure of TIRZ - Generated Affordable Housing Funds" as amended and approved by Commissioners Court on September 14, 2004. CSD requests approval of the following: • Allocation of $40,000.00 grant in TIRZ Affordable Housing Set-Aside Funds to provide additional down payment assistance for eligible homebuyers participating in the City of La Porte's Northside Neighborhood Single- Family Housing Project. The subject project is located in the City of La Porte, Harris County, Texas, in Precinct Two. • Approval of the attached Third Amendment to the Agreement, prepared by the County Attorney, between Harris County and The City of La Porte, for the use of TIRZ funds for the Project. • Auditor's Office to transfer the funds from the TIRZ Affordable Housing Increment Fund, and the Treasurer's Office to release payment to Barris County Community Services Department for disbursement in accordance with the Amendment. • C:1Doeumenta and Sentegstsoltra\i.ocal SettingATempora y'Internet 1;ite OLK991Natheide 3rd Amendment Agenda Letter 4 29.09(2).doe