HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2012-02RESOLUTION NO. FWHFC-2012-02
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION
AMENDING THE BUDGET FOR THE 20ll-2012 FISCAL YEAR TO ADD
FUNDS FOR PERSONNEL COSTS TO MANAGE CORPORATION
PROJECTS
WHEREAS, on October 4, 2011, the Board of Directors of the Fort Worth Housing
Finance Corporatioil(the "Corporation"), adopted the budget for the 2011-2012 fiscal year of the
Corporation (the "Budget");
WHEREAS, the Corporation is cui-�•ently developing two tax credit projects, the Race
Street Lofts and Tei7e11 Hoines I, both of which are expected to generate income for the
Corporation;
WHEREAS, it is estimated that the Corporation will incur an additional $82,609.16 in
costs for salaries and benefits related to project management in order to protect the Corporation's
interests;
WHEREAS, the Board of Directors desires to amend the Budget by increasing the
amount appropriated for costs for salaries and benefits by $82,609.16.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT WORTH HOUSING FINANCE CORPORATION:
THAT the Board approves amending the Corporation's budget for its 2011-2012 fiscal
year by increasing the amount for salaries and benefits by $82,609.16 for a total of
$109,533.16.
2. THAT this Resolution talces effect on the date of its adoption.
AND IT IS SO RESOLVED.
Adopted January 10, 2012.
FORT WORTH HOUSING FINANCE CORPORATION
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Kathleen Hicks, President