HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2017-03RESOLUTION NO. FWHFC-2017-03
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION TO APPROVE $470,000 FOR THE LEE AVENUE SINGLE
FAMILY INFILL DEVELOPMENT IN THE NORTHSIDE NEIGHBORHOOD
AND APPROVE ALL RELATED ACTIONS REQUIRED FOR HOUSING
DEVELOPMENT
WHEREAS, the City Council of the City of Fort Worth ("City") has adopted
development and revitalization of the City's 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 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, 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 City Council approved a contract with the Corporation for
$1,000,000.00 of HOME Investment Partnerships Program ("HOME") funds to construct
up to 7 townhouses in the Northside neighborhood and authorized the sale of certain tax
foreclosed properties on Lee Avenue and Central Avenue to the Corporation (M&C C-
24975; M&C L-15202);
WHEREAS, the Board of Directors of the Corporation ("Board") approved a
contract with the City for the HOME funds and approved the purchase of 1402, 1404, and
1419 Lee Avenue and 406 W. Central Avenue for the Lee Avenue Townhomes (the
"project"), and began predevelopment activities including hiring an architect (Resolution
No. FWHFC-2011-13);
WHEREAS, the use of the HOME funds required a Section 106 review of the
proposed project by the Texas Historic Commission, which determined that the
demolition of the existing single family structures to build the townhouses would create
an adverse impact to historic resources of the existing neighborhood which is eligible for
listing in the National Register of Historic Places;
WHEREAS, since mitigating the adverse impact in order to use HOME funds for
the townhouse project would be financially infeasible, the Board approved a revised
project for development of single family houses and the use of $600,000.00 of the
Corporation's funds for property acquisition, demolition and asbestos abatement of the
existing single family structures, and the construction of 4 single family houses on 1402,
1404 and 1419 Lee Avenue (Resolution No. FWHFC-2014-04);
RESOLUTION NO. FWHFC-2017-03
PAGE 2
WHEREAS, the revised project as approved by the Board also included
requesting Community Development Block Grant ("CDBG") funds from the City for the
acquisition and demolition of the dilapidated Hoover Furniture building located at 406
W. Central Avenue, and amending the HOME contract to use the HOME funds to
construct 2 single family houses on this tract;
WHEREAS, it was necessary to move ahead with the purchase of the Lee
Avenue lots in 2015 due to serious neighborhood safety concerns with the unoccupied
structures prior to completing the HUD -required environmental review so CDBG and
HOME funds could not be used in the revised project due to federal requirements
regarding choice -limiting actions;
WHEREAS, most pre -development activities have been completed including
demolition, re -zoning and extensive consultation with the City's Historic Preservation
Officer and the Northside Neighborhood Association about the designs for the new
houses;
WHEREAS, the Board desires to approve the use of an additional $470,000.00 of
the Corporation's funds for the construction costs of 5 houses in order to complete the
Lee Avenue Single Family Infrll Development, subject to the availability of funds, and
desires to approve all actions necessary for single family housing development for the
project.
NOW THEREFORE, LET IT BE RESOLVED BY THE BOARD OF
DIRECTORS OF THE FORT WORTH HOUSING FINANCE CORPORATION:
1. THAT the Board authorizes the expenditure of $470,000.00 of the Corporation's
funds for the construction of 5 single family houses in order to complete the Lee
Avenue Single Family Infrll Development (the "project), subject to the
availability of funds.
2. THAT the Board approves the execution and delivery of any contracts and other
documents necessary to develop single family housing and complete the project.
3. THAT the Board approves all related actions necessary to develop the single
family housing for the completion of the project.
4. 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 any contracts and other documents
necessary for single family housing development for the project for and on behalf
of the Corporation, and each may extend, modify and amend any contracts or
documents for the project, provided any such extensions, modifications and
amendments are within the scope of the project and in compliance with City
Ordinances, and the goals and purposes of the Corporation as amended from time
to time.
RESOLUTION NO. FWHFC-2017-03
PAGE 3
5. THAT to the extent any of the actions authorized by this Resolution have already
been taken by the Corporation, Fernando Costa as General Manager, or Aubrey
Thagard as Assistant General Manager, or any other agent of the Corporation,
such actions are hereby ratified and confirmed as the valid actions of the
Corporation, effective as of the date such actions were taken.
6. THAT this Resolution takes effect from the date of its adoption.
AND IT IS SO RESOLVED.
Adopted June 20, 2017.
FORT WORTH 116USING FJNANCE CORPORATION
By.
Ronald P. Gonzales, Assistant ' ' Secretary