HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2023-11RESOLUTION NO. FWHFC-2023-11
FORT WORTH HOUSING FINANCE CORPORATION
TO RATIFY THE NON -BINDING LETTER OF INTENT SENT TO SOUTHWESTERN
BAPTIST THEOLOGICAL SEMINARY FOR THE ACQUISITION OF LAND AND
HOUSING UNITS LOCATED AT 4096 MERIDA AVENUE, 4097 MERIDA AVENUE
AND 4048 MCCART AVENUE
WHEREAS, the City Council of the City of Fort Worth ("City") has adopted development
and revitalization of the City's neighborhoods and affordable housing stock as a strategic goal, and
City residents and the City Council have determined that quality accessible affordable housing is
needed for moderate, low and very low-income City residents;
WHEREAS, the City Council created the Fort Worth Housing Finance Corporation (the
"Corporation") in 1979 pursuant to the Texas Housing Finance Corporations Act, Chapter 394
of the Texas Local Government Code, to facilitate neighborhood revitalization and housing
initiatives in the City, including but not limited to issuing tax exempt bonds; developing,
rehabilitating and promoting housing; and assisting low to moderate income City residents in
acquiring quality, accessible, affordable housing through lending and construction activities;
WHEREAS, the Corporation seeks to promote neighborhood revitalization and foster the
development of affordable quality housing throughout the City by developing partnerships among
the City, the Corporation, local governments, lenders, private industry and neighborhood -based
nonprofit housing organizations;
WHEREAS, Southwestern Baptist Theological Seminary ("Seminary"), a theological
seminary institute located in Fort Worth, Texas, is selling its student housing, consisting of 15
acres of land and 140 student housing units, located at 4096 Merida Avenue, 4097 Merida Avenue
and 4048 McCart Avenue;
WHEREAS, the Corporation became aware two nonprofits were interested in preserving
the housing and using the property for both victims of domestic violence and homeless families
but lacked the means to commit $11,000,000.00 to the project;
WHEREAS, Corporation staff sent a non -binding letter of intent to Seminary for the
acquisition of the 15 acres, including the housing units, for $11,000,000.00 on February 17, 2023;
and
WHEREAS, staff recommends that the Board approve this resolution to ratify the non-
binding letter of intent sent to the Seminary.
RESOLUTION NO. FWHFC-2023-11
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NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT WORTH HOUSING FINANCE CORPORATION:
I THAT the Board ratifies the non -binding letter of intent sent to Seminary for the purchase
of 15 acres of land, including 140 housing units, for $11,000,000.00;
2. THAT this Resolution takes effect from the date of its adoption.
AND IT IS SO RESOLVED.
Adopted February 28, 2023.
FORT WORTH HOUSING FINANCE CORPORATION
By:
Carlos Flores
President
Attest:
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Jamiette S. Goodall
Corporate Secretary