Primary Department: Housing and Community Development
Primary Department Head/Elected Official: Thao Costis, Executive Director
Secondary Department: N/A
Secondary Department Head/Elected Official: N/A
Regular or Supplemental RCA: Regular RCA
Type of Request: Policy
Project ID (if applicable): N/A
Vendor/Entity Legal Name (if applicable): N/A
MWBE Contracted Goal (if applicable): N/A
MWBE Current Participation (if applicable): N/A
Justification for 0% MWBE Participation Goal: N/A - Goal not applicable to request
Grant Indirect Costs Rate (if applicable): N/A
Justification for 0% Grant Indirect Costs Rate (if applicable): N/A - Not a grant item
Request Summary (Agenda Caption):
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Request for approval of the creation by the Harris County Housing Finance Corporation of the Harris County HFC Foundation (or similar available entity name) to operate as a 501(c)(3) non-profit organization and a supporting entity of the County and Housing Finance Corporation pursuant to 509(a)(3) of the Internal Revenue Code.
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Background and Discussion:
The Harris County Housing Finance Corporation has approved formation of Harris County HFC Foundation and has approved its Articles and Bylaws consistent with current legal requirements and business activities. The Articles of Incorporation and form of By-laws for the proposed entity are attached.
Expected Impact:
The formation of the Harris County HFC Foundation and approval of Articles and Bylaws will allow the HFC to accept gifts to further its housing objectives. The formation of the Foundation is needed to further the legal business activities of the Harris County Housing Finance Corporation.
Alternative Options:
If the Articles and Bylaws are not approved the HFC will be unable to create its foundation to accept donations of funds and land to expand its activities to meet affordable housing needs of the citizens of Harris County.
County Strategic Plan Goal: N/A
County Strategic Plan Objective: N/A
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