HomeMy WebLinkAbout1992/10/27-Minutes-Fort Worth Housing Finance Corporation (FWHFC) FORT WORTH HOUSING FINANCE CORPORATION
Pre-Council Chambers
Tuesday, October 27, 1992
8:00 A.M.
MINUTES
Corporation Board Members Present: Virginia Nell Webber, Chuck
Silcox, Morris Matson, Eugene McCray, and Jewel Woods.
I. The meeting was called to order at 8:10 A.M. by Virginia Nell
Webber, President.
II. The minutes of the August 11, 1992 meeting were approved as
written.
111. Action Item
Conveyance of the Property at 915 East Cannon to Habitat for
Humanity for the Purpose of Low-Income Housing
Staff requested that the Fort Worth Housing Finance
Corporation (FWHFC) authorize the Chair to convey the property
at 915 East Cannon to the non-profit organization called
Habitat for Humanity for the purpose of providing housing to
low-income families.
Staff explained that this house was purchased by the City in
the early '80s under the Home Ownership Opportunities Program
and a low-income family bought the house from the City with
financing through the Community Development Block Grant (CDBG)
funds.
In 1987, that family abandoned the house and the City of Fort
Worth foreclosed on that property back to the Housing Finance
Corporation to be used in our Urban Homesteading Program.
Since it has been back in our inventory, it has been shown to
various families who are interested in our Urban Homesteading
Program but no one has shown interest in that property,
Gail Ryan, Executive Director of Habitat for Humanity,
expressed an interest in the house about four wfonths ago. This
organization buys houses and uses volunteers and donated
materials to make the repairs on these houses and then sells
them at very low prices to eligible families. In some cases
they are building newly constructed homes for low-incoin*
families with the help of volunteers. They have chosen the
area where this house is located as the target area for their
work for the next few years. They have a church that is
interested in adopting the house and doing the repairs.
Habitat for Humanity will pay the $1100 in back taxes plus the
closing costs.
We do have a legal opinion that there will not be any
liabilities to the City as a result of this foreclosure.
There is no redemption.
Motion: Morris Matson moved to approve the conveyance of 915
East Cannon to Habitat for Humanity. Jewel Woods seconded the
motion and the motion was unanimously approved.
IV. Other Busines: None
V. The meeting was adjourned at 8:25 A.M.
Virginia Nell Webber