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Taylor awards down-payment assistance contract, expands assistance cap to $40,000
Summary
Council awarded administration of the Home Down Payment Assistance program to National Faith Homebuyers, approved per-client administrative fees and voted to raise maximum forgivable assistance from $14,009.99 up to $40,000; combined 2020/2021 grants total just over $400,000 for the program.
Taylor City Council voted on June 17 to restart and expand the city's Home Down Payment Assistance (DPA) program.
Staff recommended awarding the administrative role for the program to National Faith Homebuyers. The contract includes an administrative fee of $1,200 per client and additional consulting at $75 per hour. Council approved the award by motion and second.
City staff explained that the city is using two grant years (2020 and 2021) and that the combined available funds total just over $400,000. Staff said the existing program structure offers a forgivable lien: an example figure given was $14,009.99 as a five-year forgivable amount; higher assistance levels (up to $40,000) would require a ten-year forgivable period. "The down payment assistance program ' we're going to be starting that back up again," a staff member explained and said the city will advertise once final eligibility rules and program details are set.
Council members asked operational questions about lien priority, income eligibility bands (typical programs use 80% area median income, some up to 120%) and how many homes the funds could support. Staff said at the upper-assistance threshold the program might serve fewer than 10 households, whereas lower per-client assistance could support more households.
The council approved the subrecipient agreement for $219,590 for the 2021 grant year and amended the 2020 allocation to raise the maximum forgivable assistance to $40,000 per eligible buyer. Staff said details of proration and exact eligibility bands will be developed as the program is implemented.
Next steps: city staff will finalize program eligibility and proration rules, advertise the assistance, and return to council with detailed program guidelines.
