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Brian C
New member
Username: Brianc

Post Number: 81
Registered: 06-2003
Posted on Monday, November 06, 2006 - 09:25 am:   

Can you provide details as to how much money are in these funds and how many people have received assistance. Also, is this for anybody or specifically people working in Frisco?
 

Curt Balogh, Spec. Asst. to the City Mgr
Board Administrator
Username: Admin

Post Number: 330
Registered: 02-2003
Posted on Wednesday, November 08, 2006 - 09:56 am:   

Brian:

Thank you for your question regarding the City of Frisco Housing Trust Fund. The Trust Fund was created in October 2002 to help assist low and moderate income families who work in Frisco and also live in Frisco. The uses of the Housing Trust resources are restricted to assisting families who work in Frisco also live in Frisco.

The Housing Trust Fund Board has used this Fund to develop two Down Payment Assistance programs which to date have assisted 13 workforce families purchase their first home in the City of Frisco. In addition, funding has also been provided to assist the Frisco Housing Authority with the development of affordable rental opportunities for Frisco Workforce families. These families have included service workers such as teachers, parks and public works employees, grocery store employees, daycare assistants and retail employees.

The Housing Trust Fund was provided an initial allocation of $600,000 in October 2002. A small portion of this funding has actually been used over the 4 year period primarily because the Housing Trust Fund Board has been successful in leveraging these resources with matching funds from state and federal dollars.

For more information on the City of Frisco Down Payment Assistance Program, please go to the City of Frisco website at: http://www.friscotexas.gov/Projects_Programs/index.aspx?id=43

If you have additional questions, please feel free to contact Janet Maccubbin, City of Frisco Grants Coordinator.

Janet Maccubbin
Downtown Coordinator/Grants Coordinator
City of Frisco
6101 Frisco Square Blvd.
Frisco, Texas 75034
972-292-5108 office
214-415-4804 cell
972-292-5122 fax
jmaccubbin@friscotexas.gov
 

Brian C
New member
Username: Brianc

Post Number: 83
Registered: 06-2003
Posted on Monday, November 13, 2006 - 12:24 pm:   

Did the 'program' recently request more funds to be approved? If yes, how much and why?
 

Curt Balogh, Spec. Asst. to the City Mgr
Board Administrator
Username: Admin

Post Number: 336
Registered: 02-2003
Posted on Wednesday, November 15, 2006 - 10:57 am:   

Brian:

The funds requested by the Housing Trust Fund Board at the November 7th City Council meeting were part of the original $600,000 set aside for the Housing Trust Fund in 2002. When the City Council set up the fund, it required that the Housing Trust Fund Board request Council approval for the release of any part of the $600,000.

On November 7th, the Trust Fund Board requested a release of $35,000 from the fund to serve as matching funds for $35,000 in federal CDBG funds that HUD had approved for the City of Frisco Down Payment Assistance program.

Historically, Council has released the following amounts for the following Housing Trust fund programs:

2003: $90,000 to serve as a match for approximately $100,000 in HOME funds from the Texas Department of Housing and Community Affairs to provide up to 19 down payment assistance forgivable loans (up to $10,000 per family) to low income Frisco Workforce families. This funding source expired in September 2005.

2004: $50,000 to provide a debt servicing, low interest loan to the Frisco Housing Authority for the purpose of rehabilitating 4 units of low-income housing for Frisco Workforce Families.

2005: $100,000 to provide Down Payment Assistance to moderate income City and Frisco ISD employees ($5,000 per family).

November 2006: $35,000 to serve as a match for $35,000 in federal CDBG funds which will provide 7 additional Down Payment Assistance forgivable loans (up to $10,000 per family) to low income Frisco Workforce families.

Please feel free to e-mail me directly at jmaccubbin@friscotexas.gov if this information does not provide the answer you were looking for. Many thanks!

Janet Maccubbin
Downtown Coordinator/Grants Coordinator
City of Frisco
6101 Frisco Square Blvd.
Frisco, Texas 75034
972-292-5108 office
214-415-4804 cell
972-292-5122 fax
jmaccubbin@friscotexas.gov

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