HomeMy WebLinkAboutIR 8796This Informal Report informs the Mayor and Members of the City Council of an interim construction loan being
sought from the Fort Worth Housing Finance Corporation (FWHFC) Housing Development Fund (HDF). This item
will be discussed at the HFC meeting on Tuesday, August 15, 2006.
Approval of the loan by the FWHFC Board will be subject to award of Housing Tax Credits by the Texas
Department of Housing and Community Affairs (TDHCA) for the Residences at Eastland, a new construction multi-
family project to be located on the south side of the 5500 block of Eastland Street in Council District 5. If approved,
Council will be asked to pass a resolution during the HFC meeting authorizing the agreement with FW-Eastland
Housing Partners, Ltd.
FW-Eastland Housing Partners, Ltd. requested subordinate interim financing in the amount of $500,000.00 for the
construction of a 146-unit rental property for families. NDG-Eastland, LLC is the general partner. The contractor is
NuRock Construction, LLC. The development will feature NuRock Housing Foundation's BreakOutTM supervised
after-schoot/summer camp program, a swimming pool, a computer lab, and a fitness center. The site is located in the
Eastwood community and the Stop Six NEZ. The fourteen-month construction period is anticipated to begin May
of 2007 and to be completed in July 2008.
No. Acres 28.4
Density (units per acre) 5,1
Pr t Cost $16,014,820
Per unift c(Ist S 1 (",19,0740,
HDF Loan Rexquc T Amc�uint 5 0)
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
Unit size
#
Income Level
# of
Est. Net
U nit Ty pe
(sq ft)
of Units
Units
Rem/Mo.
(Area Median Income)
30%
12
$348
2BR12Ba
60%
3
$594
lat
1015
16
Market
1
$594
2BW2.513a
30%
3
$348
1095
64
60%
61
$594
Townhome
3BR/3.5Ba
60%
47
$687
rownhome
1350
60
Market
3
$687
4BR/33,5W
60%
4
$770
Too,mhorne
1489
6
Market
2
$770
No. Acres 28.4
Density (units per acre) 5,1
Pr t Cost $16,014,820
Per unift c(Ist S 1 (",19,0740,
HDF Loan Rexquc T Amc�uint 5 0)
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
Leverage of HDF Funds 1:32
HDF Fund Source HOME allocation
Collateral Subordinate lien on
improvement
Security Guaranty of Robert G.
Hoskins
Term 24 months, interest paid
monthly
Interest Rate Variable: Federal Rate
adjusted quarterly
Repayment Maturity of loan or
permanent take-out,
earlier event
Other conditions MAVBE requirement
and contractor
conference
The FWHFC will enter into a Contractual Agreement with the borrower. Loan documents will be reviewed by the
City Attorney. The Authorized Signatory for the FWHFC will amend the contracts as needed, provided the
amendment is consistent with applicable laws and regulations and with the goals and guidelines of the FWHFC and
its Housing Development Fund- Council can contact Karen Meunier, (817) 392-8091, with any question or concerns.
Charles R. Boswell
City Manager
1 SSUED BY THE CITY MANAGER FORT WORTH, TEXAS
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INFORMAL REPORT TO CITY COUNCIL MEMBERS
No. 8796
To the Mayor and Members of the City Council Date: August 15, 2006
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Page 4 of 4
w SUBJECT: RECOMMENDATION FOR CONDITIONAL APPROVAL OF INTERIM
,e» CONSTRUCTION LOAN TO FW- EASTLAND PARTNERS, LTD FROM THE
FWHFC HOUSING DEVELOPMENT FUND
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Map I Site Localloll
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ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS