HomeMy WebLinkAboutIR 6936 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 6936
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E fORlSp To the Mayor and Members of the City Council May 29, 1984
YTExA`'. Subject: SINGLE-FAMILY HOUSING BONDS
Legislation in Congress is now pending that could have the effect of
making it possible for the, City of Fort Worth to issue single-family
housing bonds. There are numerous obstacles to be overcome at the State
level, if the legislation does pass at the National level. At the
present time the City has not taken any preliminary action to qualify in
the event all of the hurdles are passed.
Last year, the Council chose not to participate in a new single-family
program and in fact authorized Tarrant County to use proceeds of
tax-exempt bonds to originate mortgages within the City limits of Fort
Worth. The Tarrant County Housing Finance Corporation is again
requesting similar authorization from the City Council (attached letter
dated May 11, 1984 from A. Lynn Gregory, President to Mayor Bob Bolen).
There are several possible actions for the Council to consider:
o Take no action until further legislative and regulatory
actions are coWleted.
o Inititate action based on anticipated legislative and
regulatory action.
o Approve request by the County, which precludes either of the
first two alternatives.
It is the understanding of the staff that several cities in Texas such
as Austin and Dallas are pursuing the second course of action listed.
The staff is prepared to initiate action as directed by the Council.
� f �
Robert L. Herchert
City Manager
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Attachment
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ISSUED BY THE CITY MANAGER -- FORT WORTH, TEXAS