| | | | | | | | | CITY OF PLANO
COUNCIL AGENDA ITEM |
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| | | | | | | | Council Meeting Date: 10/22/2018
Department: Community Services
Department Head: Lori Schwarz
Agenda Coordinator: Nichole Adamo x8135 |
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CAPTION To approve an Interlocal Agreement between the City of Plano and City of Frisco to jointly provide a homebuyer educational class for households attempting to purchase homes within each City’s territorial jurisdiction; designating the City Manager as Chief Executive Officer and authorized representative of the City for the purpose of executing the agreement; and providing an effective date. Approved |
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FINANCIAL SUMMARY Revenue
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FISCAL YEAR: 2018-19 |
Prior Year
(CIP Only) |
Current
Year
|
Future
Years
|
TOTALS |
Budget |
0 |
0 |
0 |
0 |
Encumbered/Expended Amount |
0 |
0 |
0 |
0 |
This Item |
0 |
2,203 |
0 |
2,203 |
Balance |
0 |
2,203 |
0 |
2,203 |
FUND(S): General
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| | | | | | | | COMMENTS: This item will provide for $2,203 in revenue from the City of Frisco to offset the cost of providing a joint homebuyer educational class for residents of both cities. |
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SUMMARY OF ITEM
The City of Plano offers a free, eight hour First Time Homebuyer Class eleven months of the year. The purpose of the class is to provide homebuyer education, as well as general financial education, to individuals seeking to purchase a home. The class provides a certificate to each participant that meets the requirements, established by the U.S. Department of Housing and Urban Development (HUD) necessary for a homebuyer to receive down payment or closing costs assistance. For FY 2018-19, the City of Frisco is requesting that the City of Plano continue to allow their potential homebuyers to attend our class. In return, the City of Frisco would pay for the books these participants will utilize. The City of Plano will provide the instructor for each class.
Strategic Plan Goal:
Strong Local Economy, Partnering for Community Benefit
Plano Tomorrow Plan Pillar:
Social Environment, Regionalism |
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