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Home My WebLink AboutOrdinance 13785;. ~^A. Ordinance No r 3'7rQ AN ORDINANCE INCREASING THE ESTIMATED RECEII'TS AND APPROPRIATIONS IN THE FORT WORTH HOUSING FINANCE CORPORATION FUND IN THE AMOUNT OF $527,156 00 FROM AVAILABLE FUNDS FOR THE PURPOSE OF FUNDING HOUSING DEVELOPMENT ACTIVITIES, PROVIDING FORA SEVERABILITY CLAUSE, MAKING THIS ORDINANCE CUMULATNE OF PRIOR ORDINANCES AND REPEALING ALL PRIOR ORDINANCES IN CONFLICT HEREWITH, AND PROVIDING AN EFFECTNE DATE. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS. SECTION 1 That in addition to those amounts allocated to the various City departments for the Fiscal Year 1998-99 and in the Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the Fort Worth Housing Finance Corporation Fund in the amount of $527,156 00 from available fund for the purpose of funding housing development activities. SECTION 2. That should any portion, section or part of a section of this ordinance be declared invalid, inoperative or void for any reason by a court of competent jurisdiction, such decision, opinion or judgment shall in no way impair the remaining portions, sections, or parts of sections of this ordinance, which said remaining provisions shall be and remain in full force and effect. SECTION 3 That this ordinance shall be cumulative of Ordinance No 13540 and all other ordinances and appropriations amending the same except in those instances where the provisions of this ordinance are in direct conflict with such other ordinances and appropriations, in which instance said conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed. SECTION 4 This ordinance shall take effect and be in full force and effect after the date of its passage, and it is so ordained. APPROVED AS TO FORM AND LEGALITY 7~~ Assistant City Attorney r ~- ~ 7-59 Date ~, a. 7- ~ 9 Adopted ~- 027-19 E fective ~•: ,i +'~ ~.y`s',~$, ti's ~:.~ ~~ti e s. _ ,:. ~ ; M1 ~,{ ~ ~~~ f ~ . . L~' :. ~ ~ ~;.;, ~ ~~ ~~{ f~ ity Hof F, ort~~ Worth Tezasb ~ {' ~ ,:, • ~ - rat <- ;.: }: .'~, as tab r L -~,,.. 1 1 . ~r:. ~ 5,..• : r c r s ,:, A ar~Aitd~~§§~~~aunc~:(~' amt»un~~cAt~an ~.. .. DATE REFERENCE NUIvIBER '^_ "'":` '' LOG NAME ~ PAGE 4/20/99 ~~ - ~ 7 C '.1.7387 05HFC ,- 4 of 3 suB~ECT APPROVAL`=OFAPPROPRIATION ORDINANCES AND~~CONTRACT 1NITH THE FORT WORTH -HOUSING FINANCE CORPORATION FOR- HOUSING DEVELOPMENT It is recommended that the City_;Council 1 Authorize the City Manager to execute a contract with the Fort Worth Housing Finance Corporation not to exceed a combined total of $860,756 in Community Development Block Grant (CDBG) funds, Rental Rehabilitation Program Income and HOME Investment Partnerships Program (HOME) funds to establish a revolving fund for housing development activities.. The contract begins on the date of execution and ends three years'thereafter; and 2. Approve the use of up to $30,000 in CDBG funds ($5,000 fromm Year XXIV and $25,000 from Year XVI), $527,156 in Rental Rehabilitation Program Income funds,. and' $303,600 ih HOME funds ($120,000 from HOME Program Year 1997 and $183,600 from HOME Program. Year 1998),. and 3 Approve the deposit of $137,524 into the Fort Worth Housing Finance Corporation Fund from the TEXPOOL Account (an investment service for public funds) of Rental Rehab Program funds used as a source of Rental Rehab Loans, and 4 Approve the deposit of $88,766 into the Fort Worth Housing Finance Corporation Fund from the Rental Rehab F~rogram bank account:with Bank of America, which has been .maintained to issue checks for Rental Rehab Loans; `and `1y 5 Adopt the attached approprlat~on ordinance. increasing estimated receiptis and appropriations in the Rental Rehab Program ~und~li'y~~$300,866 from available funds; and `' "' 6 Approve the transfer of $300,866 from the Rental Rehab Program Fund to the Fort Worth Housing Finance Corporation Fund, andN 7 Adopt the attached appropriation ordinance increasing estimated receipts and appropriations by $527,156 in the Fort Worth Housing Finance Corporation Fund DISCUSSION On April 23, 1996 (M&C G-11463), the Fort Worth City Council adopted a resolution amending the Fort Worth Housing Finance Corporation's (FWHFC) Articles of Incorporation to effectuate changes in the FWHFC scope of responsibility These changes allow the FWHFC to undertake housing development activities in designated areas that include the actual acquisition of land, development and construction of new single-family homes that are decent, safe, sanitary and affordable to the citizens of Fort Worth _ }. ,, r ' r ~ , 'z, r Clty Of FDf''it ~WOYt'IZ~ rTP,JrIIS =~ ~~ A ~~r~~and~R~~' -~a~r~c~l amt~un~cAt~a~n ~~ ~ C . (.- 4/20/99 EN WORTH HOUSING ACTIVITIES 87 .NAME 05HFC PAGE 2 of 3 ROPRIATION ORDINANCES AND CONTRACT WITH THE FORT FINANCE CORPORATION FOR HOUSING DEVELOPMENT The Housing Department provides staff support for the FWHFC, which has constructed 27 houses since 1996 The Housing Department manages the FWHFC funds end proposes to supplement these funds with other federal funding it receives from the U S Department of Housing and Urban Development (HUD) and other public/private sources. The proposed federal funding sources for supplementing the FWHFC's development activities include HOME ($303,600), CDBG ($30,000), and Rental Rehabilitation Program Income ($527,156) HUD recently authorized the City to use Rental Rehabilitation funds for construction purposes. The Rental Rehabilitation Program was discontinued several years ago The initial .proposed uses for the federal funds are as follows • Lot acquisition in United Riverside Model Blocks $ 30,000 • New home construction in Poly Model Blocks $120,000 • New home construction in Stop Six (15 units) $527,156 • Site preparation and pre-development activities 183 $860,756 Once these funds are recouped;. they will revolve for use in future housing -development. It is anticipated that the City's continued :housing development activities in the central city will generate greater participation by private .developers and will leverage other public/private investments in these areas to preserve and develop affordab{e housing opportunities. The Safety and Community Development Committee approved this recommendation at its March. 11, 1999 meeting ri.,~l.: I F x{ 4 ~ ; ° ~ ~ City of Fort Worth, Texas ~: ~. d,. M,'Ayor And C,auncil Cammun~cAtian DATE 4/2x/99 REFERENCE NUMBER C-17387 LOG NAME . 05HFC PAGE 3 of 3 SUBJECT APPROVAL OF APPROPRIATION ORDINANCES AND CONTRACT WITH THE FORT WORTH .HOUSING .FINANCE CORPORATION FOR HOUSING DEVELOPMENT ACTIVITIES .FISCAL INFORMATION/CERTIFICATION The Finance Director certifies that upon available in the current operating budgets, Housing Finance Corporation Fund LW~k approval of the above recommendations, funds will be as appropriated, of the Grants Fund and the Fort Worth Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY Office by: (to) 3) R105 464100 0052004 $137,524.00 Libby Watson 6183 4) R105 464100 0052004 $ 88,766.00 Originating Department Head: 5) GR92 488022 ' 005206078000 $250,000.00 5) GR92 441112 005206078000 $ 50,866.00 5) GR92 538070 005206078000 $300,866.00 ~~~ 6&7) R105 464100 0052004 $527,156.00 /1~~/ /v~~„~~p 7) R105 539120 0052004 $136,524.00 V{ ! 1 VV Jf~L[1.. 7) R105 539120 0052004 $ 88,766.00 7) R105 539120 0052004 $300,866.00 ,APR 27 Jerome Walker 7537 (from) ~~) _ 2) GR76 539120 005206122710 $ 5,000.00 l~e~~a1 Additional Informat-on Contact: 2) GR76 539120 005206088960 $ 25,000.00 Clh ~~~ ~ m~ c;it f F W 2) GR76 539120 005206113760 $120,000.00 T o oct orth, Tsns 2) GR76 539120 005206123430 $183,600.00 2) R105 539120 0052004 $527,156.00 Jerome Walker 7537 6) GR92 538070 005206078000 $300,866.00 ;BdflP~ ~~uj~a~ ~o. L~! a.L, gdopted Urdinan~- ~,op ~S