HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2015-08RESOLUTION O. F ]hFC-2015-08
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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;
WHEREAS, the City Council established the Fort Worth Housing Finance
Corporation (t- "Corporation") in 1979 pursuant to the Texas Housing Finance
Corporations Act, Chapter 394 of the Texas Local Government Code, to promote and
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, on August 26, 2014, the City Council approved a contract with the
Corporation ! III 11 of HOMEInvestment Partnerships Program ("HOME")
grant funds for the development of the Hardy Street Single Family Infill Development,
and authorized the direct sale of 21 residential lots for the development to the
Corporation for $132,000.00 (M&C C-27008). The City had previously acquired and
demolished an abandoned nursing home and installed the infrastructure required for up to
17714 and M&C 26054), and approved an agreement with a developer to begin
construction, but the developer decided not to proceed with the project (M&C C-26825);
WHEREAS, on August 26, 2014, the Board of the Corporation agreed to be the
developer for the project and approved all necessary actions for the acquisition of the lots
# the construction of I to 21 single family housesto be ! # toHOME-eligible
buyers;
requiredWHEREAS, the City is to spend a portion of award of
funds from the United States Department of Housing and Urban Development ("HUD")
on projects with Community Housing Development Organizations ("CHDO");
_ City has requested that the HOMEand the Purchase
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WHEREAS, the Board of the Corporation desires to assign the contracts with tbA
City for $1,300,000.00 of HOME funds and the purchase of 21 lots for the Hardy Street
Single Family Infill Development to Tarrant County Housing Partnership, Inc.
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THAT the Board approves the execution and delivery of an Assigm-nent by and
between the Corporation and the Tarrant County Housing Partnership, Inc. which
assigns the Corporation's rights and obligations for a total of $1,300,000.00 of
HOME funds under City Secretary Contracts Nos. 45977, 45978, 45979, 45980,
45981, 45982, 45983, 45984 and 46622, with the City for the Hardy Street Single
Family Infill Development to the Tarrant County Housing Partnership, Inc.
("HOME Assignment"), subject to approval by the City.
2. THAT the Board approves the execution and delivery of an Assignment by and
between the Corporation and the Tarrant County Housing Partnership, Inc. which
assigns the Corporation's rights and obligations under a Purchase and Sale
Agreement with the City for 21 lots, City Secretary Contract No. 46620, for the
Hardy Street Single Family Infill Development to the Tarrant County Housing
Partnership, Inc. ("Lot Purchase Assignment"), subject to approval by the City.
3. THAT Jesus Chapa, General Manager of the Corporation, or Cynthia Garcia,
Assistant General Manager of the Corporation, or their duly appointed successors
in office, are each authorized to execute and deliver the HOME Contract
Assignment and the Lot Purchase Assignment (collectively, the "Assignments")
for and on behalf of the Corporation and any related documents necessary to
implement the Assignments, and each may extend, modify and amend the
Assignments, provided any such extensions, modifications and amendments are in
compliance with City Ordinances, and the goals and purposes of the Corporation
as amended from time to time.
4. THAT any actions taken by the Corporation or any of its agents in connection
with the HOME Assignment or the Lot Assignment are hereby ratified and
confirmed as valid actions of the Corporation, effective as of the date such actions
were taken.
5. THAT this Resolution takes effect from the date of its adoption.
Adopted April 7, 2015.
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