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Home My WebLink AboutOrdinance 12372Ordinance No AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND APPROPRIATIONS IN THE GRANTS FUND IN THE AMOUNT OF $537,195 00 FOR THE PURPOSE OF FUNDING THE HOPE 3 CONTRACT WITH TARRANT COUNTY HOUSING PARTNERSHIP, INC PROVIDING FOR A SEVERABILITY CLAUSE; MAKING THIS ORDINANCE CUMULATIVE OF PRIOR ORDINANCES AND REPEALING ALL PRIOR ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING AN EFFECTIVE 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 1995-96 and in the Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the Grants Fund in the amount of $537,195 00 for the purpose of funding the HOPE 3 Contract with the Tarrant County Housing Partnership, Inc SECTION 2 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 judgement 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 12074 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in which instance said conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed SECTION 4 This ordinance shall take effect and be in full force and effect and after the date of i,ts passage, and it is so ordained APPROJ~ED AS TO FORM AND LEGALITY Ass'i tent City Attorney / / oZ 3 ate j /"~ ~~ Adopted Effective City of Fort Worth, Texas Mayor and Council Communication DATE NUMBER I LOG NAME I PAGE 01 /23/96 **C-15239 05HOP 1 of 3 SUBJECT HOPE 3 CONTRACT WITH THE TARRANT COUNTY HOUSING PARTNERSHIP, INC - 1995 ALLOCATION RECOMMENDATION It is recommended that the City Council authorize the City Manager to 1 Execute a contract with Tarrant County Housing Partnership, Inc (TCHP) under the Homeownership Opportunity for People Everywhere Program (HOPE 3) in the amount of 5600,000 00 in draw-down of funds from U S Department of Housing and Urban Development, and 2 Adopt the attached appropriations ordinance increasing estimated receipts and appropriations in the Grants Fund by 5537,195 00 from increased revenue, and 3 Adopt the attached appropriations ordinance increasing estimated receipts and appropriations in the Fart Worth Housing Finance Corporation Fund by 5135,000 00 from increased revenue, and 4 Transfer 5135,000 00 from the Fort Worth Housing Finance Corporation (FWHFC) account as City match, and accept 540,000 00 from the Affordable Housing Program grant from the Federal Home Loan Bank as in-kind, and 5 Authorize the use of City-owned houses at appraised value, as City's in-kind match, should any be received, and 6 Apply indirect cost rate in accordance with the City's Administrative Regulation 3-15 (apply the 1995 rate of 9 82%, which represents the most recently approved rate for the Housing Department) DISCUSSION The HOPE 3 program assists low and moderate income families with the purchase of single- family homes owned or held by Federal, State, and local governments, e g , U S Department of Housing and Urban Development (HUD), the Department of Veterans Affairs (VA), and the Resolution Trust Corporation (RTC) This program is designed to expand the supply of decent housing and promote economic self-sufficiency for participating families Printed on Recyded Paper City of Fort Worth, Texas Mayor and Council Communication DATE REFERENCE NUMBER LOG NAME PAGE 01 /23/96 **C-15239 05HOP 2 of 3 SUBJECT HOPE 3 CONTRACT WITH THE TARRANT COUNTY HOUSING PARTNERSHIP, INC - 1995 ALLOCATION Fort Worth is one of the few cities in the United States that has successfully implemented the HOPE 3 program In the first round of funding 51,728,000 00 was received from TCHP to accomplish the purchase of 45 houses and to provide closing cost assistance to 30 citizens, during October 1992 to November 1994 The City contributed 5576,000 00 in matching funds in support of the program In the second round of funding 51,500,000 00 was received from TCHP to accomplish the purchase of 32 houses and to provide closing cost assistance to 52 families The City contributed 5500,000 00 in matching funds The TCHP wishes to maintain the private/public cooperative effort initiated with the City to help first-time homebuyers purchase single-family homes in Fort Worth The City will receive 5600,000 00 in HOPE 3 funds from the TCHP and will provide matching funds of 5175,000 00 for a total program amount of 5775,000 00 Of the 5600,000 00, the City will receive 5362,195 00 and the balance of 5237,185 00 will be maintained in the TCHP account to make the payments directly to the contractors The City's proposed match, which has already been committed, will come from interest earned from the Fort Worth Housing Finance Corporations' Housing Endowment Fund (5135,000 00), any eligible City donated property, and 540,000 00 from the Federal Home Loan Bank, (Affordable Housing Program grant) as in-kind match With these funds the City will provide 35 eligible homebuyers with up to 100% subsidy financing for the acquisition and rehabilitation of affordable homes If second liens are utilized with conventional mortgage loans, the second liens will be in the form of deferred payment loans due only on the sale or rental of the property by the homebuyer On April 6, 1995, the City Council Safety and Community Development Committee met and approved the following motion "Approval for submission of application to the Department of HUD for HOPE 3 Program Funds and to apply for Federal Home Loan Funds for use as "in-kind" match " On April 1 1, 1995 the City Council approved M&C G-1 1043 approving this application This program will operate City-wide in all Council Districts Printed on Bagdad Paper City of Fort Worth, Texas Mayor and Council Communication DATE REFERENCE NUMBER LOG NAME PAGE 01 /23/96 ~~ 05HOP 3 of 3 SUBJECT HOPE 3 CONTRACT WITH THE TARRANT COUNTY HOUSING PARTNERSHIP, INC - 1995 ALLOCATION FISCAL INFORMATION/CERTIFICATION The Director of Fiscal Services certifies that upon execution of this contract and adoption of the attached appropriation ordinances, funds for the administrative and program staff costs will be available in Grant Fund through receipt of reimbursement from the Tarrant County Housing Partnership and Housing Finance Corporation Funds for the housing projects will be available from TCHP via draw-down of funds from HUD LW a Attachment Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY Office by: (to) (2,3 4) GR76 472105 005206348000 $135 060 00 Libby Watson 6140 (2,4) GR76 488619 005206348000 $40,000.00 APPROVED Originating Department Head: (2) GR76 451971 005206348000 $362,F95.00 ~[~~` (2) GR76 516010 005206348010 $537,195.00 ~~~~~~ i ~ Jerome Walker 7537 (from) ~~~ e~ ~c7 ~~~6 (3) R105 472076 0131010 $135,000 00 For Additional Information (3,4) R105 538070 0131010 $135,000.00 ~, ~ , C t t L+G~ s. ~ t.~' on ac : d ~ ~ Jerome Walker 7537 Ci p of ®ttf~f~~' d~flQ Printed on Regded Paper