HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2015-17WHEREAS, the Fort Worth Housing Finance Corporation (the "Corporation") seeks to
promote homeownership and neighborhood revitalization throughout the City of Fort Worth
("City") and foster the development of quality, accessible, affordable housing for low and
moderate income individuals and families;
WHEREAS, on November 3, 2009 the Board of Directors adopted a resolution to
approve a contract with the City for $500,000.00 of HOME Investment Partnerships Program
funds to be used for single family infill housing in the Terrell Heights neighborhood
along with the purchase of up to 11 lots for the project. On June 8, 20 10, the Board approved an
addition of $500,000.00 of HOME funds for a total of $1,000,000.00 for the HOME contract
with the City. The lots were purchased in 2012 and the City and the Corporation entered into
City Secretary Contract No. 45042 dated October 25, 2013 for the project;
WHEREAS, on June 7, 2011, the Board of Directors adopted a resolution to approve a
contract with the City for $1,000,000.00 of the City's HOME funds to acquire certain tax
foreclosed properties located on Lee Avenue and Central Avenue on the City's Northside to
construct up to 7 townhouses. The Texas Historic Commission ("THU), which reviewed the
project as part the federal environmental review requirements, determined that the construction
of townhouses would create an adverse impact to historic resources since the area is eligible for
listing in the National Register of Historic Places. Because the project was no longer HOME -
eligible, the Board on March 4, 2014 approved the expenditure of $600,000.00 of the
Corporation's funds for a revised project to purchase the lots and construct 4 single family
houses for sale to buyers making at or below 120% of area median income;
WHEREAS, construction has commenced on both projects and the houses are being
marketed; and
WHEREAS, the Board desires to approve the sale of the single family houses
constructed on the lots listed on the attached Exhibits "A-l" and "A-2" for the Terrell Heights
and Lee Avenue Infill Developments to eligible homebuyers for a negotiated price.
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1. THAT the Board approves the sale of the single family houses constructed on the lots
listed on the attached Exhibits "A-l" and "A-2" (collectively, the "Properties") to eligible
homebuyers for a negotiated price plus the payment of all common and customary seller
closing costs.
FWHFC RESOLUTION NO. FWHFC-2015-17
PAGE 2
2. THAT the Board approves the execution and delivery of the following for the sale of the
Properties: (i) listing agreements with a licensed Real Estate Broker, (ii) sale and
purchase agreements with eligible buyers, (iii) the deeds, and (iv) the closing statements
and any other related documents necessary to complete the sale of the Properties (the
"Closing Documents").
3. TAAT Jesus J. Chapa, General Manager of the Corporation, or the Assistant General
Manager, or their duly appointed successors, are each authorized to execute and deliver
the Closing Documents for and on behalf of the Corporation along with any related
documents necessary to sell the Properties.
THAT to the extent any actions to sell the Properties authorized by this Resolution have
already been taken by the Corporation, Jesus J. Chapa, or any other representative or
agent of the Corporation, the Board hereby ratifies and confirms such actions as the valid
actions of the Corporation, effective as of the date such action was taken.
5. THAT this Resolution takes effect on the date of its adoption.
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By:
Salvador Espino, PresideNit
EXHIBIT "A-1"
TERRELL MEIGVTDEVELOPULENT
921 E. Pulaski KRAUSE, A SUBDIVISION
Block: 4 Lot: 2A
929 E. Pulaski KRAUSE, A SUBDIVISION
Block: 4 Lot: 5E
969 E. Pulaski GUERTLERS SUBDIVISION
Lot: 11
978 E. Pulaski GUERTLERS SUBDIVISION
Lot: 15
918 E. Dashwood KRAUSE, A SUBDIVISION
Block: 4 Lot: 1 B
926 E. Dashwood KRAUSE, A SUBDIVISION
Block: 4 Lot: 5B
926 E. Humbolt MC ANULTY & NESBITT SUB EVANS
Block: 2 Lot 37
967 E. Humbolt MC ANULTY & NESBITT SUB EVANS
Block: 2 Lot 18
1000 E. Terrell FORBES & TEAS SUBDIVISION
Block: 1 Lot:I
9101140- 81 M. t Kv 0 wS I
10115
1419 Lee Avenue
EXHIBIT "A -I"
LEE AVENUE INFILL DEVELOPMENT
North Fort Worth
Block: 81 Lot: 1 & 2
05 10, 1 1 1 a a
,, 101=0411 a
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100rammillawne
North Fort Worth
Block: 82 Lot: 2 & N40' 13