HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2020-02RESOLUTION NO. FWHFC 2020-02
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION AUTHORIZING THE SALE OF SINGLE-FAMILY LOTS IN THE
ASH CRESCENT NEIGHBORHOOD TO DEVELOPMENT CORPORATION OF
TARRANT COUNTY FOR THE DEVELOPMENT OF AFFORDABLE SINGLE
FAMILY INFILL HOUSING
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 1997 and 2008 the Corporation acquired various residential lots
for future affordable housing development as part of its Infill Housing Development Program
(the "Program"), and has constructed single family houses and developed subdivisions
especially in targeted areas of the City;
WHEREAS, the City has committed capital funds annually beginning in
Fiscal Year 2017 to a designated neighborhood for its Neighborhood Improvement
Program, a City initiative to improve the quality of life and overall health and well-
being of residents in targeted neighborhoods;
WHEREAS, on January 30, 2018, the City Council passed a resolution designating the
Ash Crescent neighborhood as the Neighborhood Improvement Program Target Area for Fiscal
Year 2018, using $2,770,000.00 in capital funds in the City's budget for capital projects to
improve public safety and attract private investment in order to promote economic revitalization
and improve quality of life and overall health and wellbeing of neighborhood residents
(Resolution No. 4901-01-2018);
WHEREAS, the Corporation acquired four single family lots in the Ash Crescent
neighborhood during the course of the Program commonly known as 2709 Ash Crescent Street,
2712 Ash Crescent Street, 2713 Ash Crescent Street, and 2750 Ash Crescent Street, as more
particularly described in the attached Exhibit "A" (collectively, the "Lots");
WHEREAS, City has received a grant from the United States Department of Housing
and Urban Development ("HUD") through the HOME Investment Partnerships Program
("HOME") with which City desires to promote activities that expand the supply of affordable
housing and the development of partnerships among City, local governments, lenders, private
industry, and nonprofit housing organizations;
WHEREAS, the HOME program provides that a minimum of 15% of the City's HOME
grant funds must be set aside annually for use by qualified Community Housing Development
Organizations ("CHDO") as owners, developers and/or sponsors of the development of
affordable housing;
RESOLUTION NO. FWHFC-2020-02
PAGE 2
WHEREAS, Development Corporation of Tarrant County ("DCTC") is a Texas
nonprofit corporation managed by a volunteer Board of Directors working to increase the
number of quality, accessible, and affordable ownership housing units available to low and
moderate income individuals and families, and is certified by the City as a CHDO;
WHEREAS, on August 26, 2019, DCTC was awarded HOME CHDO set -aside funds in
the City's Annual Action Plan to construct single family infill houses in the Ash Crescent
neighborhood for sale to eligible low to moderate income homebuyers (M&C 19-0016);
WHEREAS, DCTC has over 21 years' experience in housing development, including
developing over 380 multifamily units and 25 single family houses;
WHEREAS, the Board desires to approve the sale of the Lots to DCTC for the
development of affordable single family housing for a negotiated price of $7,500.00 per lot.
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 the four lots as more particularly described on the
attached Exhibit "A" (the "Lots") to Development Corporation of Tarrant County
("DCTC") for a negotiated price of $7,500.00 per Lot, plus the payment by DCTC of all
closing costs for the sale.
2. THAT the Board approves the execution and delivery of the following documents to
complete the sale of the Lots: (i) the sale and purchase agreement with DCTC, (ii) the
deeds, and (iii) the closing statements and any other related documents necessary to
complete the sale of the Lots (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 Lots.
4. THAT to the extent any actions to sell the Lots 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.
RESOLUTION NO. FWHFC-2020-02
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AND IT IS SO RESOLVED.
ADOPTED February 4, 2020.
FORT WQWH HOUSING FINANCE CORPORATION
Allen
RESOLUTION NO. FWHFC-2020-02
PAGE 4 EXHIBIT "A"
EXHIBIT "A"
Property Descriptions and Sales Prices
Lots to be purchased by Development Corporation of Tarrant County:
Street Address
Legal Description
Sale Price
2709 Ash Crescent Street
Sunrise Park Addition Block 3 Lot 1
$7,500.00
2712 Ash Crescent Street
Sunrise Park Addition Block 5 Lot 10A
$7,500.00
2713 Ash Crescent Street
Sunrise Park Addition Block 3 Lot 21A
$7,500.00
2750 Ash Crescent Street
Sunrise Park Addition Block 6 Lot lA
$7,500.00
Total Sales Price $30,000.00