HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2024-03RESOLUTION NO. FWHFC- 2024-03
FORT WORTH HOUSING FINANCE CORPORATION
RESOLUTION AUTHORIZING EXECUTION OF A CONTRACT WITH
PFM FINANCIAL ADVISORS, LLC FOR FINANCIAL ADVISORY SERVICES AND
AUTHORIZING A PARTNERSHIP APPLICATION FEE BE CHARGED TO ALL
CORPORATION PARTNERSHIP APPLICANTS AND INCENTIVE PROPOSALS FOR
THE REVIEW OF TERMS
WHEREAS, Section 394.032 of the Local Government Code provides that a housing
finance corporation may make contracts and other instruments necessary to exercise its
powers and that a housing finance corporation may plan, research, study, develop and
promote the establishment of residential development; and
WHEREAS, The Fort Worth Housing Finance Corporation (FWHFC) has identified a
need to thoroughly evaluate housing partnerships with affordable housing developers to ensure
that public benefits are maximized and limited public dollars are maximized by ensuring that
developments are subsidized at an appropriate level and not over -subsidized given the tax
abatement provided to FWHFC partners; and
WHEREAS, to provide the thorough evaluation, the FWHFC staff issued a Request for
Proposals ("RFP") for a financial advisory firm to develop a methodology for evaluating the fiscal
and economic impact of affordable housing development partnerships and incentives, provide an
objective review of developer proformas and financial projections, providing accurate estimates
of tax loss to the City of Fort Worth and other taxing entities, determining if partnerships are fair
to the City and FWHFC, assisting in the creation of policies for partnerships and incentive terms,
and educating and assisting the FWHFC in potentially expanding the financial tools available to
encourage affordable housing development; and
WHEREAS, the FWHFC issued a Request for Proposals on December 5, 2023, for the for
a Financial Advisor to support the FWHFC; and
WHEREAS, the Request for Proposals was widely distributed to 14 Texas municipal
financial advisor firms and also posted on the Municipal Advisory Council of Texas website; and
WHEREAS, the Request for Proposals garnered one proposal from PFM Financial
Advisors, LLC of Dallas, Texas; and
WHEREAS, an interview with PFM Financial Advisors, LLC was held on January 12,
2024, by an interview panel consisting of Fernando Costa, FWHFC General Manager; Victor
Turner, FWHFC Assistant General; John Samford, Assistant Treasurer for the City of Fort Worth;
City of Fort Worth Legal Department staff, and Neighborhood Services staff, and
WHEREAS, the interview panelists determined that PFM Financial Advisors, LLC was a
qualified respondent because they are a registered municipal advisor and is a national -level,
RESOLUTION NO. FWHFC-2024-03
PAGE 2
leading provider of financial advisory services with expertise in housing authorities and housing
finance corporations;
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
FORT WORTH HOUSING FINANCE CORPORATION:
1. THAT the Board authorizes the execution and delivery of a vendor services contract (the
"contract") by and between the Corporation and PFM Financial Advisors, LLC for services
in the amount of up to $50,000.00 subject to availability of funds, on common and
customary terms for the contracted services agreed to by the parties;
2. THAT the Board authorizes a partnership application fee, in an amount to be determined
after a financial impact analysis, to be charged by the FWHFC and applied to any
affordable housing developer who seeks a partnership with the Fort Worth Housing
Finance Corporation to offset the total cost of underwriting review, development of
recommendations for the FWHFC, and presentation of recommendations by PFM LLC;
3. THAT Fernando Costa, General Manager of the Corporation, or Victor Turner, Assistant
General Manager of the Corporation, or their duly appointed successors, are each
authorized to execute and deliver the contract for and on behalf of the Corporation along
with any related documents or agreements necessary to implement the contract, and each
is authorized to extend, modify and amend the contract, the terms of the contract or the
terms of any related documents or agreements, provided any such extensions,
modifications and amendments are within the scope of the project, and in conformance
with the goals and purposes of the Corporation, as may be amended from time to time;
4. THAT this resolution takes effect from the date of its adoption.
AND IT IS SO RESOLVED.
Adopted January 30, 2024
FORT WORTH HOUSING FINANCE CORPORATION
Carlos Flores
President
Attest:
Jannette S. Goodall
Corporate Secretary