HomeMy WebLinkAboutOrdinance 12373Ordinance No ~~
AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND APPROPRIATIONS IN
THE FORT WORTH HOUSING FINANCE CORPORATION FUND IN THE AMOUNT OF
$135,000 00 FOR THE PURPOSE OF FUNDING THE HOPE THREE 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 Fort Worth Housing Finance
Corporation Fund in the amount of $135,000 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ordinances and appropriations are hereby expressly repealed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 its passage, and it is so ordained
APP OVED AS TO FORM AND LEGALITY
,....1
Assistant City Attorney
2.3
D to
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Adopted
Effective
City of Fort Worth Texas
Mayor and Council Communication
DATE REFERENCE NUMBER LOG NAME PAGE
01 /23/96 **C~'-1.5239 05HOP 1 of 3
I SUBJECT I HOPE 3 CONTRACT WITH THE TARRANT COUNTY HOUSING PARTNERSHIP, I~NC - I
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
$600,000 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 Fort 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 Regded Paper
City of Fort Worth, Texas
Mayor and Council Communication
DATE
LOG NAME I 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 Recyded Paper
City of Fort Worth, Texas
Mayor and Council Communication
DATE REFERENCE NUMBER LOG NAME PAGE
01 /23/96 ~~ _ 2 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 adminlstrative 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 F[JND ACCOUNT CENTER AMOUNT CITY SECRETARY
Office by: (to)
(2,3 4) GR76 472105 005206348000 $135,000 00
Libby Watson 6140 (2,4) GR76 488619 005206348000 $40,000 00 •' ~~~
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Originating Department Head: (2) GR76 451971 005206348000 $362,195.00
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(2) GR76 516010 005206348010 $537 195 00 ,
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Jerome Walker 7537 (from) , ,,
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(3) R105
472076
0131010
$135 000 00 ,.
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For Additional Information (3 4) R105 538070 0131010 $135,000.00 ~~;;
Contact: Ci~~ ~3~ .~-at~~,.~- ~•t lltr.
Jerome Walker 7537 ~itya~ 1'<arl'[L% •,~';; ,,:
Printed on Recyded Paper