HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2021-06RESOLUTION NO. FWHFC-2021-06
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION
AUTHORIZING THE REMOVAL OF REFERENCES TO RESTRICTIONS FROM
CERTAIN FORT WORTH HOUSING FINANCE CORPORATION CASH ASSETS
WHEREAS, the Board of Directors of the Fort Worth Housing Finance Corporation (the
"Board"), a Texas housing finance corporation (the "Corporation"), reviews and annually
approves audited financial statements, including the 2020 audited statements approved by the
Board on January 26, 2021;
WHEREAS, funds of the Corporation are generally limited to uses consistent with the
Corporation's authorized purposes;
WHEREAS, the Corporation must keep its own internal financial records and reports,
separate from the City of Fort Worth's accounting system, as required by state law and also
following standard accounting practices;
WHEREAS, these Corporation financial reports are presented to the Board on a monthly
basis;
WHEREAS, FWHFC historical records, including the minutes of the Board on March 7,
2006, reflect that the Corporation issued single family bonds in 1980, 1986, 1988, 1990, 1994 and
2002, all of which have all been redeemed or matured;
WHEREAS, these records also indicate that approximately $5,000,000 was deposited in
a "restricted cash account" after the Corporation realized "windfall" savings of $4,600,000 in
connection with bond refundings in 1987 and 1991;
WHEREAS, the Corporation's financial records and reports, dating back to 2006 have
classified these funds as "Restricted cash, cash equivalents & investments — JP Morgan Chase";
WHEREAS, there are no Corporation records, including minutes, resolutions, audited
statements, or memoranda, that identify any specific legal or other restrictions on this cash account;
WHEREAS, removal of the "restricted" designation would allow for cleaner financial
records;
WHEREAS, on October 22, 2019, the Board allocated $5,000,000 of the funds in the
restricted account to be used for the development of permanent supportive housing units subject
to certain requirements (Resolution FWHFC-2019-07); and
WHEREAS, the Corporation staff and the City of Fort Worth Financial Management
Department have reviewed the documentation and recommend removal of the term "restricted"
from Corporation financial documents;
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
FORT WORTH HOUSING FINANCE CORPORATION:
1. THAT the Board approves removing the term "restricted" within its accounting system
from the approximately $5,485,000 of funds identified in the attached financial statement;
2. THAT this Resolution takes effect on the date of its adoption.
AND IT IS SO RESOLVED.
Adopted September 14, 2021.
FORT WORTH HOUSING FINANCE CORPORATION
By: Corlos�,111-1....E Flores....HAPIM
...
Carlos Flores, President
FORT WORTH HOUSI NGF1 NANCE CORPORATION
BALANCE SHEET AS OF AUGUST 31, 2021
�UNAUIDITED)
ASSETS General
Fund
L�111
Caraha I Bank -JP 1\,Iorgan , base- Checkng 1,451,655
Carahal Banl,-,)P Morgan .1hase-Savings 15,621,11 �)
f I a r.l is I Bank -, JP Morgan Chase - Afford able HOLIsl n, 605,273
Res.tricted CJ sh. c&.l i eq ui valents & investments. J P Morgai i h. ISe 5.485.653
CashEmuiv,,alents and II ivestniems 13,163,691
mysomm
Ar=urrts Reoe3v3ble - Other
2,245,06C1 1)
Alowanoe- A-.)Wlts Recelvahle
2,245,060) 2)
PSFl Projed Receivable
123.927
,4 1, vv, i,o, - PSI t Note Recel v,,A b le
12 3,92"�')
Columbia I Receivable
675,452
I , olumbia II Reoe-Na 1! 1,
700'00�)
Mistletoe Recavahl,
750,000
Aaoounts Receival! �le - Developei fees& I iteresl
3,985,194
)Lhei ac +,rwnts recei i alile
28,268 4
olumbia b,an Interest Reoe'JVable
6,62,o
Gas lease lkecei, able
Equilycontribulion- Mete:tnlile
5 1
P, .apaid
909
PwIperties leased back to Partnei>.Ihips for MF Projects
51
I ii\,�nwj F land hold jorsalle
2.136,13 1 6)
Total Assets
21,446,325
LIABILITIES, DEFERRED INFLOWS & FUND BALANCE
A000unts payable
AccrupdExppm Tbk.,
I.Ineam, d Revemi,
Due toCity-Approprialion trom Rent -,al Rehab Re-v. - V, E
I cAli I abilihpr-.-'
615.00("
Deferred Inflows:
navallable Revenue
Fr!nd Balances:
3,985-177 ';j
Nonspen, 1!,ble
2.13 7,09 1
C'oninilliecl
AsSl9ned for Urbai i Rea level cq.q i ent an I Housing
14,709,04 1
Total Fund Balance
16,846.132
Total liabilities, Deferred Inflows & Fund Balances
21,446.325
Notes,
i j Unearned developer fees reaeiv.lble. II veizfrnerff:j1 Villas of Eastwood.
�:'j Ah)vmmnce for a.),..)ii its reaeMlble wt eai ii, dand Advance 10 Villas of Eastwood.
�;.' j 'L)bordl` Ite loon to r."oh nihia Renaissance, Square I j P , 140 mil niullibinlv re-rital poperty, The grin, ip.3 iar
1'', aredue and payable in annual installments beglVing 12 inwrillis after the late of project
stabili/-,atik)n an
i5yeaim.-, Mistletoe StallonllC.a 1 0-unit iiIIII[amily rental property. liclerpsJ ,quarteirty
during conshu
I 1pon oonversil n minual payinents are due and payablewilil di,: maturity Cobinbia 11 loan. interes
aonstru(;tion peik)dat rhr ra le Oithe senior loan and 2%a=terthe stabilization late. Matures
15 yewrs(bedkite,
Misdeloe,Cobinbia I loan interest receivable and New leaf Deferred fofg:k,all,l, h inreoe.ivable
j Properties leased b;wik lo Partnerships l Race Tprrpl. Angle. Endavp. Reserveat Quebe,
. Mercanl,le. B roadr 1-1
Sphlnxa� Sierra',/Ista)
61 Cost -pwperties includes dons ledproperties received Im whii.h fairmarLel va\leason date
of donation was
hako includespropertiesassigned u, HFC
/u 111aso[ Eastwood needed grip iii mrn iig i the amour il ofS615.000.o0and the ity approved a loan to FWHF't
FVVI'll'Creceived the hiricsfrom dw City and advanced to\/A is of Eastwood
Earned hul unavu ible Developer Fees Managernent Feesand Inieresl )n Dev. Feesirorn
Partnei>.Ihips forva