HomeMy WebLinkAboutOrdinance 19846-08-2011Ordinance No.19846 -08 -2011
AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND APPROPRIATIONS
IN THE FORT WORTH HOUSING FINANCE CORPORATION FUND IN THE AMOUNT
OF $450,000.00, FROM AVAILABLE FUNDS, FOR THE PURPOSE OF FUNDING THE
CITY'S HOMEBUYER ASSISTANCE PROGRAM; PROVIDING FOR A SEVERABILITY
CLAUSE; MAKING THIS ORDINANCE CUMULATIVE OF PRIOR ORDINANCES;
REPEALING ALL ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING AN
EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS:
SECTION 1.
That in addition to those amounts allocated to the various City departments for Fiscal Year 2010 -2011 in the
Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the Fort
Worth Housing Finance Corporation Fund in the amount of $450,000.00, from available funds, for the
purpose of funding the City's Homebuyer Assistance Program
SECTION 2.
That should any portion, section or part of a section of this ordinance be declared invalid, inoperative or void
for any reason by a court of competent jurisdiction, such decision, opinion or judgment shall in no way
impair the remaining portions, sections, or parts of sections of this ordinance, which said remaining
provisions shall be and remain in full force and effect.
SECTION 3.
That this ordinance shall be cumulative of Ordinance No.19355 and all other ordinances and appropriations
amending the same except in those instances where the provisions of this ordinance are in direct conflict
with such other ordinances and appropriations, in which instance said conflicting provisions of said prior
ordinances and appropriations are hereby expressly repealed.
SECTION 4.
This ordinance shall take effect upon adoption.
APPROVED AS TO FORM AND LEGALITY:
Assistant City Attorney
ADOPTED AND EFFECTIVE: August 16, 2011
City of Fort Worth, Texas
Mayor and Council Communication
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COUNCIL ACTION* Approved on 8116/2011 •Ordinance No, 18846
DATE: Tuesday, August 16, 2011
LOG NAME: 17HAP450K #2
REFERENCE NO.: G -17358
SUBJECT:
Approve the Use of $450,000.00 from the Fort Worth Housing Finance Corporation Fund for the City' s
Homebuyer Assistance Program and the Adopt Appropriation Ordinance (ALL COUNCIL DISTRICTS)
RECOMMENDATION:
It is recommended that the City Council:
1. Approve the use of $450,000.00 from the Fort Worth Housing Trust Fund portion of the Fort Worth
Housing Finance Corporation Fund for the City's Homebuyer Assistance Program, and for such funds to
satisfy the City's Fiscal Year 2011 -2012 match obligations required by the HOME Investment Partnerships
Program.
2. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the
amount of $450,000.00 for the Homebuyer Assistance Program in the Fort Worth Housing Trust Fund
portion of the Fort Worth Housing Finance Corporation Fund.
DISCUSSION:
On July 19, 2011, staff informed City Council in Informal Report No. 9402 that it would request the transfer
of $700,000.00 from the General Fund portion of the City's Fort Worth Housing Trust Fund (HTF) to fund
the City's Homebuyer Assistance Program (HAP) for 2010 -2011 and for administrative costs for the
Community Development Block Grant (CDBG) program and HOME program.
HAP provides up to $14,999.00 to income - eligible buyers for down payment and /or closing cost
assistance for the purchase of a home. Eighty -seven HAPs have been completed since June 1, 2010, the
start of the 2010 -2011 Program Year (PY). Because the City extended its PY to June - September from
June -May, most of the funds that were budgeted for the HAP program have been used. There are
currently 25.HAP applications but only enough funds available to complete nine. Staff anticipates receiving
an additional 15 requests before the end of the PY. The $450,000.00 will serve as the City's match
requirement for the HOME funds awarded to the City by the United States Department of Housing and
Urban Development (HUD). Match funds must come from non - federal sources.
Staff will present an M &C before the end of the year requesting funding for administrative costs for the
CDBG program and HOME program.
The Homebuyer Assistance Program is available in ALL COUNCIL DISTRICTS.
Logname: 17HAP450K #2 Page 1 of 2
FISCAL INFORMATION / CERTIFICATION:
The Financial Management Services Director certifies that upon approval of the above recommendation
and adoption of the attached appropriation ordinance, funds will be available in the current operating
budget, as appropriated, in the Fort Worth Housing Finance Corporation Fund.
FUND CENTERS:
TO Fund /Account/Centers
R109 539120 017109007010
R109 441012 017109007010
R109 444800 017109007010
R109 472001 017109007010
CERTIFICATIONS:
FROM Fund /Account/Centers
$450,000.00 R109 539120 017109007010
$276.177.49
$4,854.25
$168.968.26
Submitted for City Manager's Office by.
Originating Department Head:
Additional Information Contact:
Susan Alanis (8180)
Jay Chapa (5804)
Cynthia Garcia (8187)
$450,000.00
Logname: 17HAP450K #2 Page 2 of 2