HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2017-01RESOLUTION NO. FWHFC-2017-01
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION
APPROVING AN AGREEMENT FOR INCLUSION OF PERMANENT SUPPORTIVE
HOUSING UNITS AND TO PROVIDE FUNDING FOR SUPPORTIVE SERVICES
WITH MISTLETOE STATION, LLC FOR THE MISTLETOE STATION
APARTMENTS LOCATED AT 1916 MISTLETOE BOULEVARD, AND WITH AMTEX
HARMON, LP FOR THE HARMON SENIOR VILLAS APARTMENTS LOCATED AT
12801 HARMON ROAD
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 citizens and the City Council have determined that quality accessible
affordable housing is needed for moderate, low and very low income City citizens;
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 citizens in
acquiring quality, accessible, affordable housing through lending and construction activities;
WHEREAS, the Corporation seeks to promote neighborhood revitalization and
homeownership and foster the development of reasonably priced 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, Permanent Supportive Housing ("PSH") is a combination of long term
rental assistance and supportive services to boost housing retention for vulnerable populations,
and it is a City priority to provide Permanent Supportive Housing units ("PSH Units") in order
to achieve the City's goal of ending chronic homelessness under Directions Home, the City's
plan to make homelessness rare, short-term and non -recurring (Resolution No. 3203-05-2005);
WHEREAS, the City has also adopted a policy for the inclusion of PSH Units as a
condition for obtaining a Resolution of Support from the City Council for applications to the
Texas Department of Housing and Community Affairs ("TDHCA") for Competitive (9%)
Housing Tax Credits and for obtaining a Resolution of No Objection from the City Council for
applications to TDHCA for Non -Competitive (4%) Housing Tax Credits;
WHEREAS, in order to assist the City in meeting its Directions Home goals, the
Corporation operates a Permanent Supportive Housing Program (the "PSH Program") on behalf
of the City to provide supportive services, including case management and other social services
(the "PSH Services"), to tenants of the PSH Units who were formerly chronically homeless (the
"PSH Tenants");
RESOLUTION NO. FWHFC-2017-01
PAGE
WHEREAS, in order to participate in the PSH Program, developers must commit to set
aside a percentage of the total units of a project as PSH Units and demonstrate that the
supportive services for the PSH Tenants cannot be paid out of the project's cash flow;
WHEREAS, Mistletoe Station, LLC ("Mistletoe Station") has applied to the Texas
Department of Housing and Community Affairs ("TDHCA") for 2017 Competitive (9%)
Housing Tax Credits for the development of the Mistletoe Station Apartments, a new 100-unit
mixed income multifamily complex to be located at 1916 Mistletoe Boulevard and 2116
Beckham Place in the City's Near Southside Medical District (the "project");
WHEREAS, Amtex Harmon, L.P. ("Amtex Harmon") received an award of 2016
Competitive (9%) Housing Tax Credits from TDHCA for the development of the Harmon
Senior Villas , a new 160-unit mixed income multifamily complex located 12801 Harmon Road
in the City's extraterritorial jurisdiction (the "project", and together with the Mistletoe Station
Apartments, the "projects");
WHEREAS, Mistletoe Station has committed to 5% PSH Units out of the total units in
its project, and Amtex Harmon has committed to 10 PSH Units out of the 160 units in its
project;
WHEREAS, Mistletoe Station and Amtex Harmon have requested that the Corporation
enter into agreements for the inclusion of PSH Units in their projects and for the Corporation to
provide the PSH Services for the PSH Tenants; and
WHEREAS, the Board desires to approve an agreement with Mistletoe Station, LLC and
Amtex Harmon, L.P. for the inclusion of Permanent Supportive Housing Units in the Mistletoe
Station Apartments and the Harmon Senior Villas Apartments, respectively, and for the
Corporation to provide for the payment of the Permanent Supportive Services for the projects'
Permanent Supportive Housing Tenants as part of the Corporation's Permanent Supportive
Housing Program, subject to availability of funds.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT WORTH HOUSING FINANCE CORPORATION:
1. THAT the Board authorizes the execution and delivery of an agreement (the
"Agreement") by and between the Corporation and Mistletoe Station, LLC for
Permanent Supportive Housing Services, subject to availability of funds, for the tenants
of the Permanent Supportive Housing Units in the Mistletoe Station Apartments, an
approximately 88-unit affordable mixed income multifamily rental property (the
"project") to be located at 1916 Mistletoe Boulevard, Fort Worth TX 76104.
2. THAT the Board authorizes the execution and delivery of an agreement (the
"Agreement") by and between the Corporation and Amtex Harmon, L.P. for
Permanent Supportive Housing Services, subject to availability of funds, for the tenants
of the 10 Permanent Supportive Housing Units in the Harmon Senior Villas Apartments,
RESOLUTION NO. FWHFC-2017-01
PAGE 3
an approximately 160-unit affordable senior mixed income multifamily rental property
(the "project") to be located at 12801 Harmon Road, Fort Worth TX 76177.
3. THAT Fernando Costa, General Manager of the Corporation, or Aubrey Thagard,
Assistant General Manager of the Corporation, or their duly appointed successors, are
each authorized to execute and deliver the Agreements for and on behalf of the
Corporation along with any related documents necessary to implement the Agreements,
and each is authorized to extend, modify and amend the Agreements, provided any such
extensions, modifications and amendments are within the scope of the projects, and in
conformance with the goals and purposes of the Corporation's Permanent Supportive
Housing Program, as amended from time to time.
4. THAT this Resolution takes effect from the date of its adoption.
AND IT IS SO RESOLVED.
Adopted February 7, 2017.
FORT W030USING FINANCE CORPORATION
By. — v/' u � 1.
R nald P. Gonzales, As