HomeMy WebLinkAbout1995/02/14-Minutes-Fort Worth Housing Finance Corporation (FWHFC) MINUTES OF THE
FORT WORTH HOUSING FINANCE CORPORATION
PRE-COUNCIL CHAMBERS
TUESDAY, FEBRUARY 14, 1995
8:15 A.M.
Corporation Board Members Present: Kenneth Barr, Vice-President; Chuck Silcox,
Secretary; Jewel Woods, Treasurer;Jim Lane; Becky Haskins Kay Granger; Bill Meadows.
Absent were Virginia Nell Webber and McKinley Jackson.
The meeting was called to order by the Vice President, and the minutes of the meeting of
August 23, 1994 were approved as written.
A report on the partial repayment of loan to Trinity Housing was given by the Director of
Fiscal Services, Jim Keyes. He stated that $207,000.00 was released, and a portion was
used to pay taxes; $27,000.00 returned to the Housing Finance Corporation in partial
repayment of $135,000.00 loan to settle the IRS matter.
Mr. Robert Johnson of First Southwest Company gave a report on the status of the 1994
Single Family Program, and the release of $10,000.00 in 1994 Single Family Program
revenue fund. Mr. Johnson said that last year they issued revenue bonds making loans
usually at 7.81 percent to first time home buyers. He presented a list of the current lenders
participating in the program, and said that four new lenders had approached them who
wanted to participate in the targeted areas only. He said they were trying to promote
activity in the targeted areas.
Mr. Allen Raynor and Mr. Dan Settle presented an amendment to the Origination, Sale
and Servicing Agreement for the 1994 Single Family bond program and they explained the
amendment, allowing certain additional lenders to become participants,
Mr. Meadows made a motion to authorize the first amend, ent to the Origination, Sale and
Servicing Agreement for 19941 Single Family bond grog ram. Mr. Lane seconded the
motion, and the motion carried unanimously.
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Fort Worth Housing Corporation
February 14, 1995
Housing Director Jerome Walker made a presentation regarding the establishment of a pilot
closing cost assistance program for families with incomes between 80 percent and 125
percent of area median income. He said the program would be limited to income eligible
purchasers within the City's demonstration designated building area. He stated that this
would establish more stable and diverse neighborhoods, and the funding would provide up
to $3,000.00 in closing cost assistance by the use of $30,000.00 in Housing Finance
Corporation Housing Endowment Funds.
Ms. Woods made a motion to authorize the pilot program for closing cost assistance to
moderate income households using$30,000.00 in Fort Worth Housing Finance Corporation
Housing Endowment Funds. Ms. Haskin seconded the motion, and the motion carried
unanimously.
The meeting adjourned at 8:45 a.m.
Kenneth Barr
Vice President