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HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2017-09RESOLUTION NO. FWHFC-2017-09 FORT WORTH HOUSING FINANCE CORPORATION A RESOLUTION APPROVING AN AGREEMENT WITH HOUSING CHANNEL, INC. FOR PERMANENT SUPPORTIVE HOUSING UNITS AND $75,000.00 FOR SUPPORTIVE SERVICES FOR THE BEATY STREET APARTMENTS LOCATED AT 5529 BEATY STREET 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-2017-09 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, in 2011 Tarrant County Housing Partnership, Inc., now known as Housing Channel, Inc. ("Housing Channel"), purchased a foreclosed 11 building multifamily project known the Beaty Street Apartments, located at 5529 Beaty Street, with a combination of City Neighborhood Stabilization Program funds and City HOME funds to rehabilitate the project and operate it as affordable housing; WHEREAS, Housing Channel is certified by the City as a Community Housing Development Organization ("CHDO") and the rehabilitation of the Beaty Street Apartments helped the City meet its HOME CHDO commitment and spending deadlines and its spending deadlines for its Neighborhood Stabilization Program funds which it received as part of the federal stimulus package; WHEREAS, Housing Channel has applied to the City for funding to complete the rehabilitation of the project to meet United States Department of Housing and Urban Development ("HUD") standards for the use of HOME funds and Neighborhood Stabilization Program funds and has committed to 25 PSH Units out of the 67 total units in the project; WHEREAS, Housing Channel has requested that the Corporation enter into an agreement for 25 PSH Units and for the Corporation to provide the PSH Services for the PSH Tenants at an estimated annual cost to the Corporation of $75,000.00� WHEREAS, it is necessary to amend the Corporation's Budget for its 2017-2018 fiscal year to provide funds for the supportive services for the PSH Tenants in the Beaty Street Apartments; and WHEREAS, the Board desires to approve an agreement with Housing Channel, Inc. for 25 Permanent Supportive Housing Units in the Beaty Street Apartments and for the Corporation to provide $75,000.00 annually, subject to availability of funds, for the payment of Permanent Supportive Services as part of the Corporation's Permanent Supportive Housing Program. 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 Housing Channel, Inc. for $75,000.00 annually, subject to availability of funds, to provide Permanent Supportive Housing Services for the tenants of the 25 Permanent Supportive Housing Units in the Beaty Street Apartments, a 67-unit affordable mixed multifamily rental property (the "project") located at 5529 Beaty Street, Fort Worth TX 76112. RESOLUTION NO. FWHFC-2017-09 PAGE 3 2. 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 Agreement for and on behalf of the Corporation along with any related documents necessary to implement the Agreement, and each is authorized to extend, modify and amend the Agreement, provided any such extensions, modifications and amendments are within the scope of the project, and in conformance with the goals and purposes of the Corporation's Permanent Supportive Housing Program, as amended from time to time. 3. THAT the Board approves amending the Corporation's Budget for its 2017-2018 fiscal year to appropriate $75,000.00, subject to availability of funds, to be used to fund the Permanent Supportive Services for the Permanent Supportive Housing Tenants in the project. 4. THAT this Resolution takes effect from the date of its adoption. AND IT IS SO RESOLVED. Adopted November 7, 2017. FORT WORTH HOUSING FINANCE CORPORATION Allen