HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2017-04RESOLUTION NO. FWHFC-2017-04
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION RATIFYING THE PURCHASE OF 406 W. CENTRAL
AVENUE FOR THE LEE AVENUE SINGLE FAMILY INFILL DEVELOPMENT
IN THE NORTHSIDE NEIGHBORHOOD
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 for the
project (M&C C-24975; M&C L-15202);
WHEREAS, the Board of Directors of the Corporation (the "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") (Resolution No. FWHFC-2011-13);
WHEREAS, the use of the HOME funds required a Section 106 review by the
Texas Historic Commission which determined that the construction of 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 town house 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, asbestos abatement and demolition of the
existing single family structures, and the construction of 4 single family houses on the
Lee Avenue lots (Resolution No. FWHFC-2014-04);
WHEREAS, the revised project 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 previously approved HOME funds
to construct 2 single family houses on this tract;
RESOLUTION NO. FWHFC-2017-04
PAGE 2
WHEREAS, it was necessary to purchase 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
for the portion of the revised project involving 406 W. Central Avenue due to federal
regulatory requirements regarding choice limiting actions;
WHEREAS, prior to the Corporation purchasing the Central Avenue tract, the
Hoover Furniture building burned and was demolished by the City and the appraised
value of the tract was lowered by the Tarrant Appraisal District ("TAD") so the City
Council re -approved the sale of the tract to the Corporation for 20% of the appraised
TAD value for the development of affordable housing (M&C L-15862);
WHEREAS, the property was purchased for $9.640.40 plus payment of all
closing costs and post judgment taxes for a total of purchase price of $21,380.55 using a
portion of the $600,000.00 of the Corporation's funds previously approved by the Board
for the revised project since federal funds could not be used;
WHEREAS, the Board desires to ratify the use of $21,390.55 of the
Corporation's funds to purchase 406 W. Central Avenue from the City 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 ratifies the expenditure of $21,390.55 of the Corporation's fiends
for the purchase of 406 W. Central Avenue, Fort Worth TX 76164 for the Lee
Avenue Single Family Infrll Development.
2. THAT all actions taken to purchase 406 W. Central Avenue, Fort Worth TX
76164 by the General Manager or the Assistant General Manager or any other
agent of the Corporation acting on behalf of the Corporation, are in each and
every respect authorized, adopted, ratified, and confirmed as the valid actions of
the Corporation, effective as of the date such actions were taken
AND IT IS SO RESOLVED.
Adopted June 20, 2017.
HOUSING FINANCE
FORT WORTH HBO CORPORATION
By
Ronald P. Gonzales, A.sAstant Secretary