HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2022-10RESOLUTION NO. FWHFC — 2022-10
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION AUTHORIZING THE SALE OF FIVE LOTS LOCATED AT 5401
COTTEY STREET, 5151 AND 5175 CHARLENE DRIVE, AND 2513 AND 2514 WILLS
POINT COURT IN THE STOP SIX SUNRISE EDITION NEIGHBORHOOD TO HRM
CONSTRUCTION COMPANY, LLC FOR THE DEVELOPMENT OF FIVE SINGLE
FAMILY RESIDENCES
WHEREAS, the Fort Worth Housing Finance Corporation (the "Corporation") seeks to
promote homeownership and neighborhood revitalization throughout the City of Fort Worth
("City") and foster the development of quality, accessible, affordable housing for low- and
moderate -income individuals and families;
WHEREAS, between 1998 and 2008 the Corporation acquired various residential lots for
future affordable housing development as part of its Infill Housing Development program, and has
constructed single family houses and developed subdivisions especially in targeted areas of the
City;
WHEREAS, the City of Fort Worth issued a Notice of Funding Availability (NOFA) to
award federal funds specifically designated for use in the Stop Six Sunrise Edition Neighborhood;
WHEREAS, HRM Construction Company, LLC ("HRM") responded to the NOFA and
proposes to purchase 5 lots in the Stop Six Sunrise Edition Neighborhood for the construction of
5 single-family houses to be sold to households earning at or below 80% of the area median
income;
WHEREAS, the City will officially award funds from the NOFA in the Fall but has
identified the HRM's proposal for award;
WHEREAS, HRM has requested to purchase 5 lots located at 5401 Cottey Street, 5151
and 5175 Charlene Drive, and 2513 and 2514 Wills Point Court in the Stop Six Sunrise Edition
Neighborhood in order to build 5 single-family, affordable residences;
WHEREAS, to enable the houses to be sold to affordable households earning at or below
80% area median income, Corporation staff recommends selling the lots at a reduced, negotiated
price; and
WHEREAS, the Board desires to approve the sale of the 5 lots to HRM for a total amount
of $62,500.00 for the purpose of affordable single-family development.
RESOLUTION NO. FWHFC-2022-10
Page 2 of 3
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT WORTH HOUSING FINANCE CORPORATION:
1. THAT the Board approves the sale of 5 lots more particularly described on the attached
Exhibit "A" (the "Property") to HRM Construction Company, LLC for the negotiated
price of $62,500.00, plus the payment by the buyer of all closing costs.
2. THAT the Board approves the execution and delivery of the following for the sale of the
Properties: (i) sale and purchase agreements with HRM Construction Company, LLC, (ii)
deeds, and (iii) closing statements and any other related documents necessary to complete
the sale of the Property (the "Closing Documents").
3. THAT Fernando Costa, General Manager of the Corporation, or Victor Turner, Assistant
General Manager, or their duly appointed successors, are each authorized to execute and
deliver the Closing Documents for and on behalf of the Corporation along with any related
documents necessary to sell the Property.
4. THAT to the extent any actions to sell the Property authorized by this Resolution have
already been taken by the Corporation, Fernando Costa, Victor Turner, or any other
representative or agent of the Corporation, the Board hereby ratifies and confirms such
actions as the valid actions of the Corporation, effective as of the date such action was
taken.
5. THAT this Resolution takes effect on the date of its adoption.
AND IT IS SO RESOLVED.
Adopted August 23, 2022.
FORT WORTH HOUSING FINANCE CORPORATION
A44:� By:
Carlos Flores
President
Attest:
Jannette S. Goodall
Corporate Secretary
RESOLUTION NO. FWHFC-2022-10
Page 3 of 3
EXHIBIT "A"
HRM CONSTRUCTION COMPANY, LLC
PROPERTY ADDRESS
LEGAL DESCRIPTION
SALES PRICE
5401 Cottey Street
Sunrise Addition Block 4 Lot 6B3
$12,500.00
5151 Charlene Drive
Urban Meadows Addition Block 1 Lot 1
$12,500.00
5175 Charlene Drive
Urban Meadows Addition Block 1 Lot 7
$12,500.00
2513 Wills Point Court
Whitmore Courts Addition Block A Lot 14
$12,500.00
2514 Wills Point Court
Whitmore Courts Addition Block B Lot 14
$12,500.00