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HomeMy WebLinkAbout2008/06/03-Minutes-Fort Worth Housing Finance Corporation (FWHFC) CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED— SPECIAL SESSION TUESDAY,JUNE 3, 2008 Present: President Kathleen Hicks Vice President Danny Scarth Secretary Frank Moss Treasurer Jungus Jordan Director Mike Moncrief Director Salvador Espino Director Carter Burdette Director Joel Burns Absent: Director Chuck Silcox City staff: Tom Higgins, Assistant City Manager Vicki Ganske, Senior Assistant City Attorney Cynthia Garcia, Community Development Manager, Economic and Community Development Department Jerome C. Walker, Director of Housing Marty Hendrix, City Secretary Other staff in attendance: Dale Fisseler, City Manager Joe Paniagua, First Assistant City Manager Karen Montgomery, Assistant City Manager/Chief Financial Officer Fernando Costa, Assistant City Manager(arrived at 1:05 p.m.) Carl Smart, Acting Assistant City Manager Jay Chapa, Assistant Director of Community and Economic Development Department (arrived at 12:58 p.m.) Lena Ellis, Finance Director Darlene Allen, City Auditor Vanessa Boling, Director of Community Relations Department Peter Vaky, Assistant City Attorney (arrived at 12:50 p.m.) Charlie Price, Planning Manager, Housing Department Donald Cager, Program Manager, Housing Department CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED— SPECIAL SESSION TUESDAY, JUNE 3, 2008 Page 2 Guest: Dan Settle, Jr., with McCall, Parkhurst and Horton, LLP Call to Order (Agenda Item I) With a quorum present, President Hicks called the meeting to order for the Board of Directors of the Fort Worth Housing Finance Corporation (Corporation) at 12:05 p.m. on Tuesday, June 3, 2008, in the Pre-Council Chamber of the Fort Worth Municipal Building, 1000 Throckmorton, Fort Worth, Texas. President Hicks adjourned the called - special session into Executive Session at 12:05 p.m. Executive Session (Agenda Item IV) In accordance with the Texas Open Meeting Act, Section 551, the Fort Worth Housing Finance Corporation convened into Executive Session at 12:06 p.m. in order to discuss: A. Seek the advice of its attorneys concerning the following pending or contemplated litigation or other matters that are exempt from public disclosure under Article X, Section 9 of the Texas State Bar Rules, as authorized by Section 551.071 of the Texas Government Code: Legal issues concerning any item listed on today's Fort Worth Housing Finance Corporation meeting agenda; B. Deliberate the purchase, sale, lease or value of real property, as authorized by Section 551.072 of the Texas Government Code. Deliberation in an open meeting would have a detrimental effect on the position of the Corporation in negotiations with a third party; and C. Deliberate concerning economic development negotiations, as authorized by Section 551.087 of the Texas Government Code. The Executive Session was adjourned at 12:45 p.m. President Hicks reconvened the called — special session of the Fort Worth Housing Finance Corporation at 12:45 p.m. on Tuesday, June 3, 2008. CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY, JUNE 3, 2008 Page 3 President Hicks returned to Agenda Item I1. Approval of Minutes of the July 24, 2007 Meeting (Agenda Item II) President Hicks opened the floor for a motion on the approval of the minutes of the Tuesday, July 24, 2007 meeting. MOTION: Upon a motion made by Secretary Moss and seconded by Director Burdette, the Board of Directors voted eight (8) "ayes" and zero (0) "nays", with Director Silcox absent, to approve the July 24, 2007, minutes of the Fort Worth Housing Finance Corporation as presented. The motion carried. Consideration of a Resolution Adopting the Amended and Restated Bylaws of the Fort Worth Housing Finance Corporation (Agenda Item III-A) Before the presentation on this item, President Hicks expressed appreciate to everyone that had worked on the proposed amendments to the Corporation's Bylaws. Dan Settle, the City's Bond Counsel, with Kelly Hart and Hallman, LLP, spoke before the Board on the proposed resolution amending and restating the Bylaws of the Fort Worth Housing Finance Corporation. Using a PowerPoint presentation, Mr. Settle advised the Bylaws were originally adopted in 1980. The Bylaws may be amended by a majority of a quorum of the Corporation Board. He pointed out that there was a need for updated language regarding the indemnity, ethics and additional positions to assist the governance and administration of the Corporation. Those positions included General Manager, Assistant General Manager and Administrator. He added that there was also a need for identification of spending authority. Mr. Settle explained that currently the Bylaws are silent regarding the purpose of the Corporation; however, this was included in the Articles of Incorporation. He pointed out that in addition to the provisions in the Articles of Incorporation under Section 1.01, the Corporation shall have the power: 1. Granted by the Act (Section 394 of the Texas Local Government Code); and ability to issue bonds to defray: a. The costs of a residential development; b. CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY, JUNE 3, 2008 Page 4 Consideration of a Resolution Adopting the Amended and Restated Bylaws of the Fort Worth Housing Finance Corporation (cont'd) (Agenda Item III-A) c. The cost of purchasing or funding the making of home mortgages. 2. To defray any other costs associated with the provision of decent, safe, and sanitary housing and non-housing facilities that are an integral part of or are functionally related to an affordable housing project. Mr. Settle reviewed the provisions of the current Bylaws for the duties of the President, Vice President, Secretary and Treasurer. He presented the proposed Bylaw changes: President— Section 4.03 The duties are generally the same, except that the General Manager was able to execute documents on behalf of the Corporation. Vice President— Section 4.04 The duties are the same as identified currently. Secretary—Section 4.06 The duties are the same as identified currently Treasurer— Section 4.06 1. Has the custody of all Corporation funds 2. Must sign all deposits to the Corporation 3. Shall render a statement of all transactions 4. Keep accurate accounts of all funds 5. Must have attended the training required by the Public Funds Investment Act. Mr. Settle presented the proposed changes for additional management positions. He stated that under the current Bylaws there were no additional management positions included. He stated that in the proposed changes there would be the following positions: 1. General Manager— Section 4.07 a. With Board attorney, confirm that all actions of the Board are in compliance with federal. state and local laws. CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY,JUNE 3, 2008 Page 5 Consideration of a Resolution Adopting the Amended and Restated Bylaws of the Fort Worth Housing Finance Corporation (cont'd) (Agenda Item III-A) b. To appoint and remove all subordinates c. Exercise control over all dealings of the Corporation d. Review all contracts e. Attend all meetings and participate f. Make recommendations to the Board g. Keep the Board fully advised of the financial condition of the Board h. To spend up to $25,000 without additional Board approval when the funds have been appropriated. i. Any expenditure over$25,000 must be approved by the Board i. In addition, any contract or other legal instrument for the sale, purchase or lease of real property or real property interests shall be approved by the Board prior to execution or acceptance, except that the General Manager may 1. Deposit up to $10,000 earnest money on land purchases; or 2. Purchase property for up to $5,000 for each parcel without additional approval of the Board. j. To act as budget supervisor with the Treasurer and as such prepare and submit the annual budget to the Board. k. Appointed by the Board of Directors 1. Removable, with or without cause, at any time by the Board of Directors m. Not an officer of the Board. 2. Assistant General Manager and Administrator— Section 4.01 a. Appointed by the General Manager b. Performs such duties as assigned by the General Manager c. Removable, with or without cause, at any time by the General Manager d. Reports to the General Manager e. Not an officer of the Board Mr. Settle reviewed the issue of checks and financial matters. He stated that the current Bylaws indicated that all checks must be signed by at least one officer. He reviewed the proposed Bylaw changes as follows: CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY,JUNE 3, 2008 Page 6 Consideration of a Resolution Adopting the Amended and Restated Bylaws of the Fort Worth Housing Finance Corporation (cont'd) (Agenda Item III-A) 1. Execution of Financial Instruments found in Section 5.02 Approved and appropriated expenditures under $25,000.00 must be signed by two authorized signatories Treasurer, Assistant Treasurer or their designee Administrator or designee 2. Approved and appropriated expenditures of$25,000.00 and over must be signed by at least two of the authorized signatories Treasurer or Assistant Treasurer or their designee; and General Manager or Assistant General Manager Mr. Settle reviewed the number of board members, quorum, terms of office, etc. He reviewed the current Bylaws regarding those topics. He advised that the proposed changes were: 1. Board Members— Section 2.01 would stay the same 2. Quorum—Section 2.08 would be changed from five (5) to six (6) members 3. Term— Section 2.01(b) which is currently silent would be changed to two year term 4. Removal from Office — Section 2.01 would be changed from for cause or at will to with or without cause. 5. Resignation from Office — Section 2.02, which is currently silent, would be changed to may resign at any time. 6. Vacancies — Section 2.02 would generally remain the same, i.e., filled by the Fort Worth City Council. Mr. Settle stated that the proposed changes to the meetings were as follows: 1. Meetings — Section 2.03 — from annual meetings and as necessary to at least quarterly, but can have more. 2. Special Meetings — Section 2.05 from called by President to called by President or three board members; or on advice or request of Fort Worth City Council 3. Public Notice/Open Meetings — Section 2.07 from the current silent Bylaws (but the practice has been to follow the Open Meetings Act) to that the meetings would be governed by the Open Meetings Act. Mr. Settle presented the changes regarding indemnification as follows: CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY,JUNE 3, 2008 Page 7 Consideration of a Resolution Adopting the Amended and Restated Bylaws of the Fort Worth Housing Finance Corporation (cont'd) (Agenda Item III-A) Indemnification— Article 7 from not being currently included to added to comply with current practice to provide indemnity to Directors and officers of the Corporation, as well as its General Manager, Assistant General Manager and Administrator and other persons whom the Board determines should be indemnified from claims or actions resulting from or arising out of their performance of the duties under the Bylaws. Mr. Settle reviewed the proposed changes in the Code of Ethics for the Corporation. He advised that the Code of Ethics found in Article VIII, Division 1 of the Fort Worth Code of Ethics, as it may be amended from time to time has been incorporated into the Bylaws. Mr. Settle reviewed other provisions as follows: 1. Compensation— Section 4.08 would remain the same for no compensation 2. Committees — Section 3.01 would remain the same but committees would be made up of three (3) or more directors. The committees must be created by resolution. 3. Open Records— Section 5.03 would be governed by the Open Records Act. 4. Global Resolutions — Section 4.07 would be as needed for targeted area projects. Mr. Settle explained that in order for the amended and restated Bylaws to be in effect it would require a vote in favor of the amendments by a majority of the full Board; and the City Council approval of all amendments. Mr. Settle reviewed the services agreement as follows: Term—annual, subject to annual appropriations Services provided: City employees to be used by the Corporation who will be under the Corporation's Board of Directors' supervision when performing duties for the Corporation Office Space Use of equipment, materials and supplies Other services as Corporation deems necessary Employee/Property Compensation FWHFC is an independent contractor CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED— SPECIAL SESSION TUESDAY, JUNE 3, 2008 Page 8 Consideration of a Resolution Adopting the Amended and Restated Bylaws of the Fort Worth Housing Finance Corporation (cont'd) (Agenda Item III-A) Mr. Settle concluded his presentation. Secretary Moss requested clarification on the resignation from the Corporation Board. He pointed out that if the Council Members are Directors of the Corporation how can they resign from the Corporation. Mr. Settle explained that if the City Council was the Board of Directors then they cannot resign effectively from the Corporation Board. Mr. Settle advised that those provisions had been included in a situation where the Corporation Board might be made up of individuals outside of the City Council. Director Burdette requested clarification regarding the City's liability for actions taken by the Corporation. Mr. Settle explained that the Corporation was an independent contractor and the City would not be liable for their actions. There was further discussion regarding that issue particularly since the City Council sits as the Corporation Board Members and the City staff provides administrative duties for the Corporation. Director Burdette also requested clarification about the Corporation being a governmental entity and having governmental immunity. Mr. Settle stated the Corporation was viewed as a public instrumentality of the City and it would not enjoy the same governmental immunity that the City currently has. There was further discussion and Mr. Settle also clarified that any bonds issued by the Corporation were the sole responsibility of the Corporation and not the City and language would be placed in all of the bond issuances to that fact. President Hicks indicated that these changes were long overdue and she indicated her support for approval of the resolution. MOTION: Upon a motion made by Director Moncrief and seconded by Director Burdette, the Board of Directors voted eight (8) "ayes" and zero (0) "nays", with Director Silcox absent, to approve Resolution No. FWHFC-2008-01 adopting amended and restated Bylaws of the Fort Worth Housing Finance Corporation. The motion carried. CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY,JUNE 3, 2008 Page 9 Consideration of a Resolution Authorizing an Administrative Services Agreement with the City of Fort Worth to Provide Administrative Services to the Corporation (Agenda Item III-B) Cynthia Garcia, Community Development Manager, Economic and Community Development Department, spoke before the Board regarding the proposed resolution and stated that it had been amended and provided new handouts of the proposed resolution. She advised that Section 2 had been amended to add the compensation in the amount of$25,000.00 per year that would be paid to the City for services provided to the Corporation. MOTION: Upon a motion made by Director Burdette and seconded by Secretary Moss, the Board voted eight (8) "ayes" and zero (0) "nays", with Director Silcox absent, to approve Resolution No. FWHFC-2008-2 authorizing an agreement for administrative services with the City of Fort Worth. The motion carried. Consideration of a Resolution to Appoint a General Manager, Assistant Secretary, Treasurer and Assistant Treasurer for the Corporation and Approve Any Additional Costs for Insurance Related to These Appointments (Agenda Item III-C) President Hicks advised of the proposed resolution and the need for the positions. MOTION: Upon a motion made by Director Moncrief and seconded by Director Espino, the Board voted eight (8) "ayes" and zero (0) "nays", with Director Silcox absent, to approve the proposed Resolution No. FWHFC-2008-3 as presented. The motion carried. Cynthia Garcia, Community Development Manager, Economic and Community Development Department, interjected that an amendment to the proposed resolution had been prepared and handouts were distributed to the Board Members. She stated that the resolution amendment added Lena Ellis as the Treasurer of the Corporation and Karen Montgomery as the Assistant Treasurer of the Corporation. President Hicks requested Ms. Garcia provide further explanation of the need for the Treasurer position to be in line like other FHC's. Ms. Garcia stated that the Treasurer had a lot of responsibilities concerning all of the finances for the Corporation. She added that position had the responsibility of signing all of the CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY,JUNE 3, 2008 Page 10 Consideration of a Resolution to Appoint a General Manager, Assistant Secretary, Treasurer and Assistant Treasurer for the Corporation and Approve Any Additional Costs for Insurance Related to These Appointments (cont'd) (Agenda Item III-C) checks, overseeing the expenditures, etc. She explained that the recommendation was that the City's Finance Director, Lena Ellis, fill this function on behalf of the Corporation. Karen Montgomery, Assistant City Manager/CFO, will serve as the Assistant Treasurer. With that amendment, the appointments were: Dale Fisseler, General Manager of the Corporation; Lena Ellis, Treasurer of the Corporation; Karen Montgomery, Assistant Treasurer of the Corporation; Sylvia Glover and Ron Gonzales as Assistant Secretaries of the Corporation; and confirming the appointment of Martha A. Hendrix as Assistant Secretary on November 30, 2004 MOTION: Upon a motion made by Treasurer Jordan and seconded by Vice President Scarth, the Board voted eight (8) "ayes" and zero (0) "nays", with Director Silcox absent, to approve the amended Resolution No. FWHFC-2008-3 to appoint a general manager, assistant secretaries, treasurer and assistant treasurer for the Corporation and approve any costs for insurance related to these appointments. The motion carried. Consideration of Financial Report thru April 30, 2008 (Agenda Item III-D) The Financial Report through April 30, 2008, was provided as a matter of information. MOTION: Upon a motion made by Director Moncrief and seconded by Director Espino, the Board voted eight (8) "ayes" and zero (0) "nays", with Board Member Silcox absent, to acknowledge receipt and file of record the Financial Report through April 30, 2008. The motion carried. Report on the Fort Worth Housing Trust Fund (Agenda Item III-E) Jerome Walker, Director of the City of Fort Worth's Housing Department, spoke before the Board regarding the Fort Worth Housing Trust Fund (Fund). Using a PowerPoint presentation. Mr. Walker advised that the purpose of the Fund was: CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY,JUNE 3, 2008 Page 11 Report on the Fort Worth Housing Trust Fund (cont'd (Agenda Item III-E) 1. A permanent and annually renewable source of revenue to meet, in part, the needs of the City's very low, low and median income households. 2. Vehicle for addressing very low, low, and median income housing needs through a combination of funds. 3. To foster a mix of family incomes in projects assisted in the Fund and to disperse affordable housing projects. 4. To preserve and maintain renter and ownership housing units which are affordable to low, very low, and moderate income households. 5. To foster and encourage the private sector to join with the public sector to further the goals of the Housing Trust. Mr. Walker reviewed the oversight and administration of the Fund. He advised that the governing body was the Fort Worth Housing Finance Corporation. The Corporation determines policies and manages activities of the Fund including allocation of funds and administration of policy. He pointed out that the advisory board was the Central City Revitalization and Economic Development Committee (CCRED). The administration of the Fund was handled by the Housing Department with support from the Finance Department and the Law Department. All of these entities would provide outreach, education, loan processing, loan servicing, legal and accounting and planning. He spoke about the fund uses as follows: Rehabilitation—owner occupied Home improvement and home repair Purchase/Rehabilitation Rehabilitation—Multifamily Acquisition Site Preparation Construction and Development Soft Costs New Construction— single family infill New Construction—multi-family Transitional or permanent housing for special needs population Mr. Walker reviewed a chart showing the source of funds for Year 1, with the fund total at $8,400,000.00. The chart reflected that the Corpus included a portion of the Corporation's endowment at $4,000,000.00. The revolving fund included funding from the City's General Fund in the amount of$2,000,000.00, HOME at $1,750,000.00, Community Development Block Grant at $650,000, with a Revolving Loan Fund subtotal at $4,400,000. CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY,JUNE 3, 2008 Page 12 Report on the Fort Worth Housing Trust Fund (cont'd) (Agenda Item III-E) Director Burdette requested clarification of the terminology "revolving funds." He questioned whether they were annual funds that would go into the Fund from the subject sources. He then asked if they were funds that were loaned out and were repaid. Mr. Walker explained that that they were funds that were loaned out and repaid. Director Burdette stated that he wanted to know if$2,000,000.00 was to be transferred out of the City's General Fund each year for the Fund. There was discussion that it was the Council's decision on whether or not to provide additional funding each year to the Fund. Mr. Walker provided further explanation on the endowment fund and where those funds came from and the revolving fund to respond to Director Burdette's questions. It was further clarified that the $4,000,000 corpus would remain an invested corpus and just the interest off that amount would be utilized. There was also discussion and clarification about the $2,000,000.00 approved by the Council in FY 06-07 and that the additional $2,000,000.00 approved in FY07-08 had been returned to the General Fund and utilized to address other budgetary needs in the City's reserve fund. Treasurer Jordan advised that a revolving fund by definition was that it was reimbursed by the proceeds. Director Espino spoke about the $2,000,000.00 that had been used to address the fund balance in the City's reserve fund. He pointed out that it would be up to the Council to decide in the upcoming budget cycle whether another $2,000,000.00 could be budgeted for the Housing Trust Fund. Mr. Walker reviewed another chart showing the Housing Trust Fund/Fund Allocation Year 1 by: 7% Administration 13% Perm Supp/Transition 23% Multi-family new/rehab 17% Single family infill/new construction 40% Owner rehab Mr. Walker reviewed the next chart showing the allocation of funds for Year 1 as: Yr 1 Allocation Number of Units REHABILITATION Owner Rehab to 120% AMI $1,756,710 40 Rental Rehab gap finance to 80% $560,000 17 AMI CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY,JUNE 3, 2008 Page 13 Report on the Fort Worth Housing Trust Fund (cont'd) (Agenda Item III-E) NEW CONSTRUCTION Single Family Infill to 120% AMI $741,500 12 MF gap finance< 60%AMI $448,734 9 HOMELESS HOUSING $585,000 9 Administration $308,056 Director Burdette requested clarification on the total of all of those funds. Mr. Walker explained that this represented the $4,400,000.00, which had been identified earlier in the presentation and represented the City's general and federal funds contribution to the program. Director Burdette reiterated that he needed further clarification about the amount of funds that were coming into the Fund from the City, the federal government, etc., and how those funds were being spent. Mr. Walker provided further explanation on the funds including funds from the City's General Fund in the amount of $2,000,000.00, HOME (federal program) at $1,750,000.00, and Community Development Block Grant (federal program) at $650,000, which created the Revolving Loan Fund subtotal at $4,400,000. He then reviewed the allocations of those funds and how they were to be spent as reflected in the previous chart. He emphasized that none of the funds had been appropriated as of this time. He pointed out that there were three (3) multi-family projects that were on the agenda, where funding from these funds were being requested for expenditure. Mr. Walker reviewed the details of the rehabilitation program and the authority given to the staff to qualify individuals for the use of those funds. He stated that the subject projects would generate repayments to the loan fund. He provided further explanation on the fact that the multi-family projects were construction loans and that they would repay those loans with interest. He stated that once those funds were repaid they would be available for future use. Director Burdette indicated that he understood. Director Espino stated that the one year allocation figures do add up to the $4,400,000.00, which is the revolving loan fund figure as reflected on the previous chart. He recommended that a total be provided at the bottom of the chart in the future. There was further discussion on the fact that these funds have not been appropriated as of this time. President Hicks spoke about the important of the use of funds for the rehabilitation projects. Mr. Walker continued his presentation and talked about the homeowner rehabilitation loans. He presented a chart on loans for homeowners earning up to 80% of AMI. The chart reflected the loan amount at a minimum of$2,000 up to a maximum of$40,000. The loan term was 10 years and the affordability period was 10 years. The interest rate was 0%, fixed for term of loan and the repayment chart was as follows: CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED— SPECIAL SESSION TUESDAY, JUNE 3, 2008 Page 14 Report on the Fort Worth Housing Trust Fund (cont'd) (Agenda Item III-E) Household Median Income Loan Repayment Deferred Payment Loan 0%to 40% AMI 0% 100% 41% to 60%AMI 30% 70% 61% to 80%AMI 70% 30% Mr. Walker reviewed the Fund application that had been received through April 30, 2008 (six months period of time). There were 246 applications received, 63 applications withdrawn/denied and 183 applications in processing. He stated that 20 of the applications were ready to proceed as soon as they received federal release for the funds. He stated that a second group of 20 (of the 183 figure) was going through now. President Hicks requested information as to whether those applications were geographically diverse. She asked if there had been interest from all over the City. Mr. Walker indicated that was correct. He stated that he would provide those numbers after the contracts have all be executed for the Board Members' information. Director Espino requested clarification on the rehab program where the OmniAmerican Bank agreement stands. He asked if it had been launched. President Hicks pointed out that it was an agenda item to be considered later in the meeting. Mr. Walker advised of the agenda item and the action that would be needed by the Board Members. President Hicks pointed out that there were more applications than there was funding. Mr. Walker continued his presentation of the gap financing for construction as follows: 7 applications received 5 LIHTC/Bond projects $4.9 million in funding requests 998 units of multi-family rehabilitation and new construction Average leveraging of funds 1:14 Mr. Walker reviewed the proposed commitments for 2007 to 2008 in a chart format that showed the owner rehab commitments, the multi-family acquisition and rehab, new construction for multi-family and the costs for administration. He then reviewed the unmet funding requests and advised that there was $1,880,000.00 in homeowner rehab applications; Lincoln Terrance project was $450,000.00; Spring Glen and Spring Hill in the amount of $1,600,000.00 and Four Seasons Clear Fork in the amount of S860,000.00. CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY,JUNE 3, 2008 Page 15 Report on the Fort Worth Housing Trust Fund (cont'd) (Agenda Item III-E) Mr. Walker advised that there were no funding requests for single-family new construction projects. Also, there were no funding requests for permanent supportive transitional housing projects. President Hicks interjected that the Corporation expects that issue to change as the Corporation continues to work on the funding. Director Espino requested to know if discussions had been held with the Partnership for Community Development, which was a non-profit agency created to seek funding from some of the foundations. He asked if they were in the mix along with some of the other non-profits. President Hicks advised that she serves on that Board as a representative from the City Council. She indicated that the new Executive Director of that agency would be making a presentation to the City Council in August. She indicated that they were working with several non-profits in the City Council Districts of 2, 8 and 9. She stated that they are also trying to bring one to the Como area. She stated that they were doing good work and would be very helpful in this process. Mr. Walker presented two pie charts showing the current budget for 2007/2008 versus the proposed 2007/2008 Housing Trust Fund commitment. Mr. Walker presented a detailed chart of the housing outcomes showing the number of units, the cost per unit, the cost to be addressed for the categories of rehabilitation, new construction, and homeless housing. Vice President Scarth requested to know where the housing needs figures come from. Mr. Walker indicated that these were numbers that have been provided by the Department of Housing and Urban Development (HUD) and updated through the American Planning Association. Vice President Scarth requested a report or information on the methodology that was used to develop these numbers. Mr. Walker indicated that information could be provided. He added that one of the major factor was the age of the structures, i.e., before 1978. He explained that they take the HUD numbers and apply 40% to it, which is a conservative approach. Vice President Scarth indicated that he felt that there might be some lessons learned from this information that might affect the requirements needed for signs standards or code standards for sustainable building. He added these may be especially necessary for the urban growth centers and mixed use developments as to the reason the City would have to have 30-year old buildings that are already substandard. Vice President Scarth suggested that with the proper codes or regulations this could be avoided in the future. Mr. Walker reviewed the information for the year ahead. He presented a chart showing the Fund sources for the years 2007/2008, 2008/2009 and the grand total. The Fund totals were 58,400,000 for 2007'2008: $3.429,907 for 2008%2009 and S 11.829,907 for the combined total. CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY,JUNE 3, 2008 Page 16 Report on the Fort Worth Housing Trust Fund (cont'd) (Agenda Item III-E) He advised that the challenges and next steps were: Funding challenges Sustainable, predictable and dedicated source Accessibility Targets Public input process on Housing Trust Fund Annual Plan Mr. Walker concluded his presentation. Director Espino spoke about the number of property lots that are held by the City. He stated that the Council was working with City staff to determine the best use to release those lots to achieve quality construction. He stated he wanted to make sure that the private sector was involved and there were good standards in place for the in-fill housing lots. He stated that his other observation on the multi-family rehab projects was that a lot of those were tax credit deals where the Corporation was levering funds and that Mr. Walker had pointed out the ratio for those figures. Director Espino stated that he also recommended the Corporation support a dedicated revenue stream. He spoke about the proposed National Housing Trust Fund being considered by the federal government. He added that there had also been talk of a State Housing Trust Fund. He suggested that the Council's Legislative and Intergovernmental Affairs Subcommittee and the Legislative staff look into and track those pieces of legislation. He felt that this might be an additional way to add leverage to the City-wide Housing Trust Fund. Director Espino talked in detail about the need to invest more funds for the rehabilitation of the older homes in the Central City area. He talked about the need to meet with the Housing Authority so that they can work on the apartment rehab piece and the Corporation's focus on the older neighborhoods. He commended the Board Members and Council Members on their work in this area thus far. Director Jordan clarified with Mr. Walker that the recommendation was to appropriate the entire $4.4 million revolving fund. He then questioned whether that amount included the OmniAmerican's part in this process. Mr. Walker indicated that it did not include their portion. (This statement is later corrected in the meeting as it was included in the figure.) Director Jordan requested clarification on how the loans were collateralized and what was the rate of repayment, and have there been any foreclosures on the subject properties. Mr. Walker explained that they were secured by a deed of trust both for the apartments and the single-family homes. He stated that the repayment of the construction loans had been 100 percent. Mr. Walker continued to explain the status of multi-family projects and single-family projects regarding the percent of repayments versus non-payments. He also advised of the lower numbers of certain foreclosures in unusual circumstances or difficult situations. After the CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY,JUNE 3, 2008 Page 17 Report on the Fort Worth Housing Trust Fund (cont'd) (Agenda Item III-E) discussions, Director Jordan requested a presentation on those properties that have not repaid their loans or gone into foreclosure due to filing of bankruptcy. Director Burdette stated it was important to have all of the statistics. He stated that basically the Corporation was set up as a banking institution to make loans for needs in the City that were not able to acquire ready loans of money on the open market. He felt it was important to track what were the returns and how they would compare to the free market. He added it was also important to see how effective was the Fund at getting rehabilitations and new multi-family facilities built and it was important to understand how the Corporation was affective to plan and assist in this area of funding versus the open market. He added that he felt this could only be accomplished by keeping an eye on the Fund. He supported Director Jordan's request for more information. Director Moncrief requested to know if there were any properties that were funded through the Housing Trust Fund that have been foreclosed on. Mr. Walker indicated that the answer was no. President Hicks indicated that next on the agenda was an item on how the private sector was getting involved in this process. She spoke about areas of the City where the private developers would not come and thus the need for the Fund to address those areas. In further discussion, Mr. Walker talked about their new software that would manage their loan portfolio and that they could provide necessary reports as needed. This agenda item was received as a matter of information. There was no action taken on this item. Consideration of a Resolution Authorizing an Agreement with OmniAmerican Bank for the Establishment of a Loan Loss Reserve Account of up to $509,720 from the Housing Trust Fund to Guarantee Home Improvement Loans to Fort Worth Central City Residents from the $8,000,000 Omni American Home Central Loan Program (Agenda Item III-F) Mr. Jerome Walker, Director of Housing, spoke before the Board on the proposed resolution. He explained that the resolution was to authorize the General Manager to enter into an agreement with OmniAmerican Bank to provide the home ownership loans in the Central Citv CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY,JUNE 3, 2008 Page 18 Consideration of a Resolution Authorizing an Agreement with OmniAmerican Bank for the Establishment of a Loan Loss Reserve Account of up to $509,720 from the Housing Trust Fund to Guarantee Home Improvement Loans to Fort Worth Central City Residents from the $8,000,000 Omni American Home Central Loan Program (cont'd) (Agenda Item III-F) to individuals who have between 80 percent and 120 percent of the median income. He added that the resolution was also to authorize an escrow account at OmniAmerican Bank. He explained how funds would be deposited into that escrow account. President Hicks expressed appreciation to the representatives of the OmniAmerican Bank for their participation. Director Espino also commended them on their participation and that it was a good example of a public/private partnership. Treasurer Jordan requested further clarification on whether the $509,720.00 was part of the $4.4 million. Mr. Walker indicated that it was part of that figure. Treasurer Jordan requested clarification on the terms of the general loans both for the OmniAmerican program and the Corporation internal loan program. Mr. Walker stated that the OmniAmerican program was a maximum of 20 years and the City's was a 10-year term. Director Burdette also commended OmniAmerican Bank and he expressed hope that other private sector banks would do likewise. He talked about the leveraging of the Corporation's funds with the private sector funds to get more accomplished. Secretary Moss provided his clarification on the fact that OmniAmerican accesses the risk that they are making in the loans that they are giving and the Corporation deposits that amount into their account and it stays there for five years. He stated after the five years, it is released back to the Corporation and gained interest on that money while it was sitting in that account. Mr. Walker concurred in those statements. Secretary Moss indicated that he felt it was a good program and that he supported it. Director Moncrief added his expression of appreciation to OmniAmerican. He stated that as the Board Members look around the City, there had to be a housing menu for everyone. He stated that it had to be a housing menu of choice for those that can afford more and those that can only afford less. He stated as OmniAmerican Bank had stepped up to the plate, they have set the bar and he encouraged other banking partners in the City need to be encouraged to do the same. He stated that there was plenty of need in the City of Fort Worth. CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY,JUNE 3, 2008 Page 19 Consideration of a Resolution Authorizing an Agreement with OmniAmerican Bank for the Establishment of a Loan Loss Reserve Account of up to $509,720 from the Housing Trust Fund to Guarantee Home Improvement Loans to Fort Worth Central City Residents from the $8,000,000 Omni American Home Central Loan Prop-ram (cont'd) (Agenda Item III-F) MOTION: Upon a motion made by Director Espino and seconded by Secretary Moss, the Board of Directors voted eight (8) "ayes" and zero (0) "nays", with Director Silcox absent, to approve Resolution No. FWHFC-2008-04 authorizing an agreement with OmniAmerican Bank for the establishment of a loan loss reserve account of up to $509,720.00 from the Housing Trust Fund to guarantee home improvement loans to For Worth central city residents from the $8,000,000.00 OmniAmerican Home Central Loan Program. The motion carried. Consideration of a Resolution Authorizing an Agreement for an Interim Construction Loan of$450,000 to Trinity Quality Housing, L.P., an affiliate of the Fort Worth Housing Authority, for the Rehabilitation of the Wind River Apartments located at 8725 Calmont (Agenda Item III-G) Director Burdette spoke before the Board Members on this proposed resolution due to the fact that the apartments are located in District 7 of the City. He provided the location of the apartments on Calmont Avenue which was west of Las Vegas Trail and south of IH30. He stated that there were a number of multi-family units in that area. He added over the last several years, he was seeing problems with the age of some of the units and experiencing criminal activity in that area. He indicated that he was happy to see the Fort Worth Housing Authority had located this project and they were going to take it over and rehab it. He felt it was a big step forward and obviously a welcome use of the Fund monies. Mr. Walker advised that all of the following resolutions had been amended and new copies had been provided to the Board Members. Mr. Walker's presentation showed that the project was located at 8725 Calmont Avenue. The configuration was 168 units with 96 one-bedroom units and 72 two- CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY, JUNE 3, 2008 Page 20 Consideration of a Resolution Authorizing an Agreement for an Interim Construction Loan of $450,000 to Trinity Quality Housing, L.P., an affiliate of the Fort Worth Housing Authority, for the Rehabilitation of the Wind River Apartments located at 8725 Calmont (cont'd) (Agenda Item III-G) bedroom units. There were 36 units that would be designated as Ripley Arnold Replacement Housing. There was an aerial map of the units' location as well as photographs of the exterior of the units. Mr. Walker's presentation showed the rental rates and that the development cost was $13,741,985, with the Fund Loan amount at $450,000.00 and leverage at 1 to 18.3. MOTION: Upon a motion made by Director Burdette and seconded by Director Espino, the Board of Directors voted eight (8) "ayes" and zero (0) "nays", with Director Silcox absent, to approve amended Resolution No. FWHFC-2008-05 authorizing an agreement for an interim construction loan of$450,000.00 to Trinity Quality Housing, L.P., an affiliate of the Fort Worth Housing Authority, for the rehabilitation of the Wind River Apartments located at 8725 Calmont. The motion carried. Consideration of a Resolution Authorizing an Agreement for an Interim Construction Loan of $750,000 to Stalcup Housing Partner, Ltd., for the Rehabilitation of the Villa Supreme apartments located at 3828 Stalcup (Agenda Item III-H) Mr. Jerome Walker, Director of Housing Department, spoke before the Board on the Stalcup Multi-family Housing Project. He advised that it was located at 2838 Stalcup Road, in the City Council District 5. There were 92 units, with 25 one-bedrooms; 48 two-bedrooms and 19 three-bedrooms. He showed photographs of the units and an aerial view of those units and advised of its location. He reviewed the rental rates. He advised of the development cost at $9,000,000, with the Housing Trust Fund loan at $750,000.00 and with leverage at 1 to 20. Secretary Moss advised of need for rehab of these units because they are in such disrepair. CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY, JUNE 3, 2008 Page 21 Consideration of a Resolution Authorizing an Agreement for an Interim Construction Loan of $750,000 to Stalcup Housing Partner, Ltd., for the Rehabilitation of the Villa Supreme apartments located at 3828 Stalcup (cont'd) (Agenda Item III-H) MOTION: Upon a motion made by Secretary Moss and seconded by Director Espino, the Board of Directors voted eight (8) "ayes" and zero (0) "nays", with Director Silcox absent, to approve amended Resolution No. FWHFC-2008-06 authorizing an agreement for an interim construction loan of$750,000.00 to Stalcup Housing Partners, Ltd. for the rehabilitation of the Villa Supreme Apartments located at 3828 Stalcup. The motion carried. Consideration of a Resolution Authorizing an Agreement for an Interim Construction Loan of $800,000 to Heritage Park Vista Housing Partners, Ltd., for the Construction of the Heritage Park Vista Senior Apartment community, located at 8500 Ray White Road (Agenda Item III-I) Mr. Jerome Walker, Director Housing Department, spoke before the Board on the Heritage Park Vista Project. He indicated that it was a multi-family new construction project for seniors. The site was 16 acres, located at 8500 Ray White Road. The configuration was 70 one- bedroom units and 70 two-bedroom units. He provided an aerial photograph of the location and a picture of the current vacant land. He showed an example of the club house. He advised of the rental rates. He explained that the rate would be applicable to the federal rate, adjusted quarterly. The source of the funds was from the Housing Trust Fund and the term was a 24-month deferred balloon; with interest paid monthly. There were contingencies of TDHCA tax credit allocation approval and permanent lender take-out commitment. MOTION: Upon a motion made by Director Espino and seconded by Secretary Moss, the Board of Directors voted eight (8) "ayes" and zero (0) "nays", with Director Silcox absent, to approve amended Resolution No. FWHFC-2008-07 authorizing an agreement for an interim construction loan of $800,000.00 to Heritage Park Vista Housing Partners, Ltd., for the construction of the Heritage Park Vista Senior Apartment Community located at 8500 Ray White Road. The motion carried. CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY, JUNE 3, 2008 Page 22 Consideration of Resolution to Continue the Infill Housing Development Program in Fort Worth and Adopt Related Budget (Agenda Item III-J) Mr. Jerome Walker, Director of the City's Housing Finance Corporation, spoke before the Board regarding the proposed resolution to continue the infill housing development program in Fort Worth. Using a PowerPoint presentation, Mr. Walker advised that the purpose of the presentation was to update the Board on the activities of the Fort Worth City Construction Company and present a summary of strategic plan for infill development and land banking. He pointed out that on March 7, 2006, the Board appropriated $600,000 to the FW City Construction Company (FWCCC) for construction capital. Mr. Walker advised that the FWCCC goals were to: • Build quality affordable housing that would have a positive impact on neighborhood • Fifty percent participation by Minority or Women Owned Businesses (MWBE) • Control costs associated with construction • Construct 25 homes over 18 months Mr. Walker talked about the building of quality affordable homes. He provided various photographs of homes, six homes that were constructed on Eastcrest Court ranging in price from $118,000 to $130,000. He added that they also completed an additional home on Eastcrest left unfinished by previous builders. He stated that five of the seven homes have been sold. He explained that one replacement home was constructed as a special project in Hillside neighborhood. Mr. Walker quickly reviewed the photographs of the homes. Mr. Walker advised that the FWCCC was able to achieve 56% participation by MWBE subcontractors and that the subcontractors were extremely pleased with timely payments. He added that all subcontractors guaranteed their work for one year. He stated that the FWCCC also provided buyers with ten year warranty. Mr. Walker reviewed the total average labor costs per house were: $40,182.91; the total average labor provided by the MWBE was $22,379.55 and the total percentage was 56%. CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY,JUNE 3, 2008 Page 23 Consideration of Resolution to Continue the Infill Housing Development Program in Fort Worth and Adopt Related Budtet(cont'd) (Agenda Item III-J) Mr. Walker talked about the control cost associated with the construction. The average cost per square foot was $67.00, which included in this cost was the Worker's Compensation Insurance and General Liability Insurance. He added that it does not include the builder's mark up which is typically 20%. Mr. Walker then reviewed a number of photographs of substandard housing that had been built in the City and emphasized that these housing types were what the City does not want to encourage. There was further discussion and comments by the Board Members about this type of housing and that they do not want to see it repeated in the City. Director Moncrief suggested that a picture book of these houses be kept so that when developers come to the City they can be shown as examples of what the City does not want. Mr. Walker reviewed the proposed budget and strategic activities. He advised that the following information was the target areas: Construction Mitchell Model Block(Work Out Agreement) Rolling Hills (Carter Metropolitan CHDO Work Out) Eastcrest Addition Near Northside—Hardy Street Phase I Historic Carver Heights Land Acquisition Area North of Oakbrook Mall Hillside/Morningside Area Mitchell Model Block Sunrise Addition Near Northside— Hardy Street Phase I Historic Carver Heights Other Project Planning Sunrise Addition Westhaven Addition Near Northside Hardv Street Phase 11 CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED— SPECIAL SESSION TUESDAY,JUNE 3, 2008 Page 24 Consideration of Resolution to Continue the Infill Housing Development Program in Fort Worth and Adopt Related Budget (cont'd) (Agenda Item III-J) Lake Arlington Mr. Walker presented a map showing these areas within the City of Fort Worth, along with aerial photographs of those areas. Mr. Walker advised that the development and acquisition funding sought was: Infill housing development - $1,986,820 (includes construction and soft costs for 18 units and repairs to two existing units) Land banking program - $394,930 (includes purchase and associated costs for 37 lots) Total funding sought - $2,381,750 Available Unrestricted Fund Balance- $3,246,036 Mr. Walker reviewed the construction goals as follows: Target Areas Mitchell Model Block Work Out: Sell one existing house Build four new single family houses Total cost of construction $338,000 (1300 x 65 x 4) Contingency: $338,000 x 10% = $33,800 Project Budget: $371,800 Rolling Hills (Carter Metropolitan CHDO Work Out) Rehab one existing house and sell Total cost of construction: $169,000 (1300 x =65 x 2) Contingency: $169,000 x 10% = $16,900 Project Budget: $233,900 Eastcrest Addition Complete build out with the last four new single family houses Total cost of construction: $448.800 (1650 x 68 x 4) CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY,JUNE 3, 2008 Page 25 Consideration of Resolution to Continue the Infill Housing Development Program in Fort Worth and Adopt Related Budget(cont'd) (Agenda Item III-J) Contingency: $448,800 x 10% _ $44,880 Project Budget $493,680 Near Northside(Hardy Street Phase I) Construct six new single family houses Total cost of construction: $507,000 (1300 x 65 x 6) Contingency: $507,000 x 10% _ $50,700 Project Budget: $557,700 Historic Carver Heights Model Block: Construction two new single family houses Total cost of construction: $169,000 (1300 x 65 x 2) Contingency: $169,000 x 10% _ $16,900 Project Budget: $185,900 Mr. Walker presented the infill development budget as follows: Unit Construction: $1,842,980 Sales Commission: $109,500 Survey: $9,000 Appraisal: $6,300 Marketing: $1,800 Carrying Costs and Maintenance: $13,500 Insurance $3,740 Total Infill Development Budget: $1,986,820 Mr. Walker reviewed the previous land bank purchases as follows: Since the program's inception 321 lots purchased 127 of the lots were sold to private builders;\ 114 new homes developed by the FWHFC and 112 sold to first time homeowners The 114 lots were purchased for $177,691 and now have homes with TAD value of$9,921,690. Mr. Walker reviewed the current vacant lot invcntory: CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED— SPECIAL SESSION TUESDAY,JUNE 3, 2008 Page 26 . Consideration of Resolution to Continue the Infill Housing Development Program in Fort Worth and Adopt Related Budget (cont'd) (Agenda Item III-J) The FWHFC has current inventory of 80 vacant lots. Lot location was as follows: Council District 2 —2 Council District 5 —39 Council District 7— 19 Council District 8 —20 Mr. Walker reviewed the land banking program budget as follows: Land Purchases: $307,200 Survey: $18,500 Appraisal: $12,950 Title Policy $37,000 Maintenance: $15, 540 Insurance: $3,740 The total land banking program budget was $394,930. MOTION: Upon a motion made by Director Moncrief and seconded by Director Espino, the Board of Directors voted eight (8) "ayes" and zero (0) "nays", with Director Silcox absent, to approve and adopt Resolution No. FWHFC-2008-08, to continue the Infill Housing Development Program in Fort Worth and adopt the related budget as presented. The motion carried. Consideration of a Resolution to Continue the Land Banking Program in Fort Worth and Adopt Related Budget (Agenda Item III-K) This proposed resolution was presented with the previous agenda item. CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY,JUNE 3, 2008 Page 27 Consideration of a Resolution to Continue the Land Banking Program in Fort Worth and Adopt Related Budget (cont'd) (Agenda Item III-K-) MOTION: Upon a motion made by Director Moncrief and seconded by Director Burdette, the Board of Directors voted eight (8) "ayes" and zero (0) "nays", with Director Silcox absent, to approve and adopt Resolution No. FWHFC-2008-09 to continue the Land Banking Program in Fort Worth and adopt the related budget as presented. The motion carried. Consideration of a Resolution to Continue Funding for FW City Construction Company to Undertake Single Family Construction Activities (Agenda Item III-L) President Hicks opened the floor for a motion on the agenda item. MOTION: Upon a motion made by Director Espino and seconded by Secretary Moss, the Board of Directors voted eight (8) "ayes" and zero (0) "nays", with Director Silcox absent, to approve and adopt Resolution No. FWHFC-2008 -10 to continue funding for FW City Construction Company to undertake single family activities. The motion carried. Consideration of a Resolution Accepting Assignment of Fort Worth City Secretary Contract Numbers 24970, 26199, 27263 and 23884 from Mitchell Boulevard Development Corporation and Acceptance of Related Real Properties (Agenda Item III-M) and Consideration of a Resolution Accepting Assignment of Fort Worth City Secretary Contract No. 26207 from Carter Metropolitan Community Development Corporation and Acceptance of Related Real Property (Agenda Item III-N) CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY,JUNE 3, 2008 Page 28 President Hicks spoke before the Board Member on these proposed resolutions and the provided background information. MOTION: Upon a motion made by Director Espino and seconded by Secretary Moss, the Board of Directors voted eight (8) "ayes" and zero (0) "nays", with Director Silcox absent, to approve Resolution No. FWHFC-2008-11 accepting assignment of Fort Worth City Secretary Contract Numbers 24970,26199,27263 and 23885 from Mitchell Boulevard Development Corporation and acceptance of related real properties as presented and Resolution No. FWHFC-2008-12 accepting assignment of Fort Worth City Secretary Contract No. 26207 from Carter Metropolitan Community Development Corporation and acceptance of related real property. The motion carried. Consideration of a Resolution Authorizing Payment to the Law Firm of Kelly Hart and Hallman, LLP, for Assistance Regarding the Amended and Restated Bylaws and Related Ley,al Issues and Documents (Agenda Item III-O) President Hicks opened the floor for a motion on the agenda item. MOTION: Upon a motion made by Director Espino and seconded by Director Moncrief, the Board of Directors voted eight (8) "ayes" and zero (0) "nays", to approve Resolution No. FWHFC-2008-13 authorizing payment to the law firm of Kelly Hart and Hallman, LLP, for assistance regarding the amended and restated Bylaws and related legal issues and documents. The motion carried. Request for Future Agenda Items and/or Reports (Agenda Item V) Vice President Scarth requested to see an agenda item on the money coming into and out of the Fort Worth Construction Company. Director Espino wanted to see what other large cities have done with their Housing Trust Funds and report back to the Board. President Hicks also requested a side by side comparison with the Housing Authority for the future. CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY,JUNE 3, 2008 Page 29 Adiourn (Agenda Item VI) With no further discussion, President Hicks adjourned the called — special session of the Fort Worth Housing Finance Corporation Board at 2:10 p.m. on Tuesday, June 3, 2008. These minutes approved by the Fort Worth Housing Finance Corporation Board of Directors on the 16th day of December, 2008. APPROVED: Kathleen Hicks President ATTEST: rank Moss Secretary P epared and respectfully submitted by: Marty Hendri City Secretary