HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2016-16RESOLUTION NO. FWHFC-2016-16
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION APPROVING A MEMORANDUM OF UNDERSTANDING IN
SUPPORT OF THE REDEVELOPMENT OF CAVILE PLACE AND THE
REVITALIZATION OF THE HISTORIC STOP SIX NEIGHBORHOOD WITH THE
CITY OF FORT WORTH, FORT WORTH HOUSING SOLUTIONS, THE FORT
WORTH TRANSPORTATION AUTHORITY, AND THE FORT WORTH
INDEPENDENT SCHOOL DISTRICT
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 and promoting housing, and assisting low to moderate income City citizens in
acquiring quality, accessible, affordable housing through lending and construction activities;
WHEREAS, the Housing Authority of the City of Fort Worth, commonly known as the
Fort Worth Housing Authority ("FWHA"), owns and operates the J.A. Cavile Place Addition
Apartments located at 1401 Etta off East Rosedale Street in East Fort Worth in the Cavile Place
neighborhood;
WHEREAS, the Board was informed on February 8, 2011 that FWHA had requested
that the Corporation partner with it to develop a plan for the revitalization of the apartments and
the surrounding Cavile Place neighborhood that would be included in FWHA'S applications for
available grants for the project from various federal programs, as well as other sources, which
are available to assist with the redevelopment of public housing and surrounding neighborhoods;
WHEREAS, the Corporation and the City together own over 100 properties in the study
area which is bounded on the north by Old Handley Road, on the west by Edgewood Terrace, on
the south by Ramey Avenue and on the east by Stalcup Road;
WHEREAS, on January 10, 2012, the Board approved and accepted a contract with the
FWHA for $200,000 for payment of a portion of the cost of a redevelopment plan for the J. A.
Cavile Place Addition Apartments and the Cavile Place neighborhood
WHEREAS, the FWHA selected Gilmore Keane, LLC to prepare a plan for the redevelopment
of the apartments and the revitalization of the neighborhood to be developed with input from
neighborhood residents and other stakeholders, and which will include strategies to create
commercial and residential development as well as other social services;
RESOLUTION NO. FWHFC-2016-16
PAGE
WHEREAS, on May 7, 2013, the Board accepted the Cavile Place Neighborhood
Transformation Plan (the "Plan") created by Gilmore Kean, LLC along with a broad coalition of
community leaders and public officials, to support the redevelopment of Cavile Place and an
extended area including the Historic Stop Six Neighborhood. The Plan addresses 3 major
national objectives of the United States Department of Housing and Community Development
("HUD"), which are People, Housing and Neighborhood;
WHEREAS, on July 22, 2014, the City Council adopted a Resolution approving the Plan
and incorporating it into the City's Comprehensive Plan (M&C G-18264, Resolution No. 4333-
07-2014). FWHA, which changed its name to Fort Worth Housing Solutions ("FWHS") in
2015, has begun the redevelopment process for Cavile Place by acquiring property within the
transformation zone to develop approximately 250 units of affordable housing in the first phase
of redevelopment, and intends to apply for Non -Competitive 4% Housing Tax Credits to help
finance the project;
WHEREAS, the City has made a commitment to support infrastructure improvements
and the Fort Worth Transportation Authority committed to assess and enhance public transit
access in the area;
WHEREAS, the Fort Worth Independent School District has created the Historic Stop
Six Initiative to develop a stronger educational foundation for children, build stronger families,
and revitalize the community by empowering citizens and this effort is closely aligned with the
national objectives established by HUD, especially with regards to increasing the capacity of
area residents;
WHEREAS, the various parties wish to create a stakeholder working group to evaluate
the current status of the Plan, work collaboratively to maintain focus on redevelopment and
broader revitalization activities, and enhance the synergy between all the current social and
economic redevelopment and revitalization activities now underway in Cavile Place and the
Historic Stop Six Neighborhood;
WHEREAS, the Board desires to approve a Memorandum of Understanding with the
City, Fort Worth Housing Solutions, the Fort Worth Transportation Authority and the Fort Worth
Independent School District to aid in the redevelopment of Cavile Place and the revitalization of
the Historic Stop Six Neighborhood.
NOW THEREFORE, BE RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT WORTH HOUSING FINANCE CORPORATION:
1. THAT the Board approves the execution and delivery of a Memorandum of
Understanding ("MOU") by and between the Corporation, the City of Fort Worth, Fort
Worth Housing Solutions, the Fort Worth Transportation Authority, and the Fort Worth
Independent School District in support of the redevelopment of Cavile Place and the
revitalization of the Historic Stop Six Neighborhood.
RESOLUTION NO. FWHFC-2016-16
PAGE 3
2. THAT Fernando Costa, General Manager of the Corporation, or Aubrey Thagard,
Assistant General Manager of the Corporation, or their respective duly appointed
successors, are each authorized to execute and deliver the MOU for and on behalf of the
Corporation and any related documents necessary to implement the MOU, and each may
extend, modify and amend the MOU, provided any such extensions, modifications and
amendments are in compliance with the goals and purposes of the Corporation as
amended from time to time.
3. THAT this Resolution takes effect on the date of its adoption.
AND IT IS SO RESOLVED.
Adopted June 28, 2016.
FORT W TH H USING FINANCE CORPORATION
By:
Salvador Espino, Presid nt