HomeMy WebLinkAboutItem 02 - First Time Homebuyer ProgramFirst Time Homebuyer Program
�-1 First Southwest Company
�� I Investment Bankers Since 194 6
325 North St. Paul Street
Suite 800
Dallas, TX 75201-3852
214-953-4055 Direct
214-953-8799 Fax
Date: April 30, 2007
To: Mr. Bruno Rumbelow, City Manager
Cc: David Medanich
Subject: Grapevine, TX Resolution
Memorandum
W. Robert Johnson
Senior Vice President
rjohnson@firstsw.com
The Tarrant County Housing Finance Corporation (the "Corporation") is preparing to issue
single family mortgage revenue bonds. The program is anticipated to offer individuals and
families who have not purchased a home within the last three years to access a below market
interest rate (6.00% estimated) with 4.50% cash assistance at closing to offset down payment
and/or closing costs.
State law and the Attorney General require that cities within Tarrant County with a population
greater than 20,000 pass a resolution, as you have done in the past, to allow qualifying
residents of the City to participate in the program. In order to meet the submission deadlines we
request that you consider adopting the resolution enclosed herewith as soon as practical.
The adoption of the resolution does not have any financial impact on the City's revenues or
obligations.
The Corporation's board is comprised of the County Judge and Commissioners who are excited
about this opportunity for first time homebuyers in Tarrant County.
Please execute three (3) certified copies of the resolution and return to our attention at the
address listed above.
Please call me at 214 953-4055 if you have any questions.
60 Years of
Building Trus d Fii'<ancial Relationships
This communication is for information only, not an offer, solicitation or recommendation, nor an official confirmation of any financial transaction. It is not
to be considered research. The information is considered to be reliable, but First Southwest Company does not warrant its completeness or accuracy,
prices and availability are subject to change without notice. We may trade, have long or short positions, or act as a market maker in any financial
instrument discussed herein. Clients should consult their own advisors regarding any accounting, legal or tax aspects. Investors are instructed to read
the entire Official Statement to obtain information essential to the making of an informed investment decision.
t
RESOLUTION NO,
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS, GRANTING APPROVAL TO THE
TARRANT COUNTY HOUSING FINANCE CORPORATION
FOR THE USE OF THE PROCEEDS OF ITS SERIES 2007
SINGLE FAMILY MORTGAGE REVENUE BONDS TO
FINANCE HOME MORTGAGES FOR SINGLE FAMILY
HOMES LOCATED WITHIN THE CITY AND PROVIDING
AN EFFECTIVE DATE
WHEREAS, pursuant to the Texas Housing Finance Corporations Act, Chapter
394, Local Government Code, V.T.C.A. (the "Act"), the creation of the Tarrant County
Housing Finance Corporation (the "Corporation"), was approved by resolution of the
governing body of Tarrant County, Texas (the "County"), adopted on the 14th day of
April, 1980, to provide a means of financing the cost of residential ownership and
development that will provide decent, safe and sanitary housing for residents of the
County at prices they can afford; and
WHEREAS, in accordance with the Act the Corporation is not permitted to
provide financing of home mortgages for homes which are located within a municipality
with more than 20,000 inhabitants as determined by the Corporation's rules, resolutions
relating to the issuance of bonds, or financing documents relating to such issuance,
unless the governing body of the municipality approves the application of the Act to the
property located within the municipality; and
WHEREAS, the Board of Directors of the Corporation has requested the approval of the
City Council of the City of Grapevine, Texas (the "City") to provide financing for home
mortgages for homes within the City with the proceeds of the issuance of the Corporation's
proposed Series 2007 Single Family Mortgage Revenue Bonds (the "Bonds").
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS:
Section 1. That the preambles to this resolution are hereby adopted in their
entirety and incorporated herein as though set forth in full herein.
Section 2. That the City Council of the City of Grapevine hereby approves the
application of the Act to the property within the City and grants its approval to the
Corporation for the use of proceeds of the Bonds to finance home mortgages for single
family homes located within the City.
Section 3. That this resolution shall become effective from and after the date
of its passage.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the 5th day of June, 2007.
ATTEST:
,...e g PENN ice
11 KW, MA
RES, NO. 2