HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2020-04RESOLUTION NO. FWHFC-2020-04
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION APPROVING A MEMORANDUM OF UNDERSTANDING
WITH DALCOR AFFORDABLE HOUSING, LLC REGARDING THE
CREATION OF A LIMITED PARTNERSHIP TO ACQUIRE AND RENOVATE
THE PARK AT SYCAMORE APARTMENTS
WHEREAS, the City Council established the Fort Worth Housing Finance
Corporation (the "Corporation") in 1979 pursuant to Chapter 394, Texas Local
Government Code, to facilitate housing initiatives in the City, including but not limited to
issuing tax exempt bonds, developing and promoting housing, and assisting low to
moderate income City citizens in acquiring quality, accessible, affordable housing
through lending and construction activities;
WHEREAS, Dalcor Affordable Housing, LLC ("Dalcor"), a Texas corporation,
is a developer currently specialized in tax credit affordable housing developments and has
developed over 4,222 multifamily housing units, including executive, fnarket rate, and
affordable housing, since the early 1980s;
WHEREAS, the Dalcor wishes to acquire and renovate the Park at Sycamore
apartments, an existing affordable development consisting of 216 multifamily units
located at 3801 Sycamore School Road ("Project") constructed in 2004 with an
allocation of 9% tax credits;
WHEREAS, the Project is subject to an Extended Use Period of an additional 15
years of restricted rents after the original Compliance Period as a result of the previously
awarded tax credits, but there are no funds available without further investment to
renovate and upgrade the property including energy efficient improvements;
WHEREAS, the Project is located in an area with few other affordable rental
housing options, and renovations to update and upgrade the existing units would continue
to promote quality affordable housing in the area;
WHEREAS, Dalcor plans to apply for 2020 Non -Competitive (4%) Housing Tax
Credits from the Texas Department of Housing and Community Affairs for a portion of
the costs of financing the acquisition and renovation of the Project;
WHEREAS, Dalcor has requested that the Corporation enter into negotiations for
a Memorandum of Understanding regarding the creation of a Limited Partnership that
would renovate, own and operate the Project in order to ensure its continuing success as
quality affordable housing;
WHEREAS, following the execution of the Memorandum of Understanding, a
separate resolution will be presented to the Board for approval of the creation of the
Limited Partnership based on the negotiated terms;
RESOLUTION NO. FWHFC-2020-04
PAGE 2
WHEREAS, the Board desires to approve the negotiation and execution of a
Memorandum of Understanding with Dalcor regarding the creation of a Limited
Partnership to acquire and renovate the Park at Sycamore apartments.
NOW THEREFORE, BE RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT WORTH HOUSING FINANCE CORPORATION:
4. THAT the Board approves the negotiation and execution of a Memorandum of
Understanding with Dalcor Affordable Housing, LLC regarding the creation of a
Limited Partnership to acquire and renovate the Park at Sycamore apartments.
2. THAT Fernando Costa, General Manager of the Corporation, or Victor Turner,
Assistant General Manager of the Corporation, or their respective duly appointed
successors, are each authorized to execute and deliver the Memorandum of
Understanding for and on behalf of the Corporation.
3. THAT all actions previously taken by the Corporation, Fernando Costa, Victor
Turner, or any other representative or agent of the Corporation, to carry out the
intent of the foregoing resolutions, are hereby approved, ratified, and confirmed in
all respects.
4. THAT this Resolution takes effect on the date of its adoption.
AND IT IS SO RESOLVED.
Adopted August 4, 2020.
FORT WORTH HOUSING FINANCE CORPORATION
By: ("t44 (
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Jung Jord , Vice Pvsident