HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2018-06RESOLUTION NO. FWHFC-2018-06
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION TO ESTABLISH THE MAXIMUM INCOME LIMIT FOR
PROJECTS DEVELOPED BY THE CORPORATION
WHEREAS, the City Council of the City of Fort Worth ("City") supports
development and revitalization of the City's affordable housing stock as a strategic goal
and has determined that quality, accessible, affordable housing is needed for low and
moderate income City citizens;
WHEREAS, the City Council established the Fort Worth Housing Finance
Corporation (the "Corporation") in 1979 pursuant to Chapter 394, Texas Local
Government Code, to facilitate housing initiatives in the City, including but not limited to
issuing tax exempt bonds, developing and promoting housing, and assisting low to
moderate income City citizens in acquiring quality, accessible, affordable housing
through lending and construction activities;
WHEREAS, the Corporation seeks to promote neighborhood revitalization and
homeownership and foster the development of reasonably priced quality housing
throughout the City by developing partnerships among the City, the Corporation, local
governments, lenders, private industry and nonprofit housing organizations;
WHEREAS, Chapter 394 of the Texas Local Government Code, commonly
known as the Texas Housing Finance Corporations Act, provides that a maximum
amount of adjusted gross income which constitutes moderate income may be set by a
housing finance corporation under its rules for certain residential developments;
WHEREAS, the United States Department of Housing and Urban Development
("HUD") annually sets the median family income for each metropolitan area based on
household size, commonly referred to as `area median income' or `AMI';
WHEREAS, the Board of the Corporation desires to set the maximum amount of
adjusted gross income which will constitute moderate income under the Corporation's
rules for its residential development projects using the area median income set annually
by HUD based on household size.
NOW THEREFORE, BE RESOLVED BY THE BOARD OF DIRECTORS
OF THE FORT WORTH HOUSING FINANCE CORPORATION:
1. THAT the maximum income limit that will constitute moderate income under the
Corporation's rules for its residential development projects shall be 120% of area
median income based on household size set annually by the United States
Department of Housing and Urban Development for the Fort Worth - Arlington
TX HUD Metro FMR Area.
RESOLUTION NO. FWHFC-2018-06
Page 2
2. THAT Fernando Costa, General Manager of the Corporation, or Aubrey Thagard,
Assistant General Manager of the Corporation, or their duly appointed successors,
are each authorized to take all such actions necessary to implement this income
limit as they each shall deem to be necessary or desirable.
3. THAT this Resolution takes effect on the date of its adoption.
AND IT IS SO RESOLVED.
Adopted December 4, 2018.
FORTNORTH HOUSING FINANCE CORPORATION
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