About Housing Opportunities Commission
NOW, THEREFORE, BE IT RESOLVED by the Housing Opportunities Commission that the Executive Director, or his designee, is hereby authorized to execute a contract for the Supply of Natural Gas and Related Services to all HOC owned and managed properties which use natural gas with the lowest responsible bidder established in accordance with the determination – more... resulting from the Invitation for Bids issued by a consortium of Montgomery County government agencies.
C. Authorization to Submit the State Partnership Rental Housing Application - The following resolution was adopted:
RESOLUTION 02 - 13 RE: Authorization to Submit the State
Partnership Rental Housing Application
WHEREAS, the Housing Opportunities Commission of Montgomery County (HOC) has for more than ten years used the financing available under the State's Partnership Rental Housing Program (PRHP) to acquire more than 140 scattered-site units for occupancy by households earning no more than 50% of the State median; and
WHEREAS, to enable HOC to continue to acquire such units in the months and years ahead, it needs to maintain and extend PHRP financing for these purposes; and
WHEREAS, the Commission has prepared and submitted to the State an application seeking PRHP funds sufficient to acquire another 60 units under the program.
NOW THEREFORE, BE IT RESOLVED that the Housing Opportunities Commission of Montgomery County RATIFIES with the same force and effect as if such action had been taken prior hereto:
1. Submission of an application and related exhibits and documents to the State for financing under the Partnership Rental Housing Program for the acquisition of 60 units.
Execution by the Executive Director of such application and related exhibits and documents.
D. Confirmation of 1-9-02 Executive Session Action Regarding Stewartown Tax Credit Partnership - The following resolution was adopted:
RESOLUTION 02 - 14 RE: Confirmation of 1-9-02 Executive
Session Action Regarding Stewartown Tax Credit Partnership
WHEREAS, the Housing Opportunities Commission is the general partner in MV Affordable Housing Associates Limited Partnership (the "Partnership"), owner of Stewartown Homes in the Montgomery Village area of the County; and
WHEREAS, the Commission, by Resolution 00-13, dated February 23, 2000, approved a proposal by Newport Partners LLP ("Newport") to syndicate the purchase of the equity in the Partnership; and
WHEREAS, Newport had in turn brought in Verizon Capital Corp. as investor, subject to execution of partnership agreement and related documents; and
WHEREAS, the Commission was advised in executive session at its meeting of December 5, 2002 that Verizon had withdrawn as investor before signing the Partnership Agreement; and
WHEREAS, further efforts by Newport to place the equity in the Partnership were deemed unacceptable because the tenders were by their terms not binding until the Partnership closing; and
WHEREAS, on instructions from the Commission, staff discontinued further negotiations with Newport; and
WHEREAS, the Commission determined that there was insufficient time to readvertise the offering in order to maximize the benefits and opportunities available to the partnership; and that, for that reason, a request for proposals and notice to interested persons could not be timely completed; and
WHEREAS, for the foregoing reason, the Commission instructed the staff to solicit offers for the equity in the Partnership from First Union Bank and Allfirst Bank, both of whom have participated in previous HOC tax credit transactions; and
WHEREAS, in response to that solicitation, First Union Bank offered to buy the Partnership Interest for $2,831,767, the price that Verizon had offered to pay, and Allfirst offered to pay $2,751,789. – less – More from ZoomInfo »
