HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2014-05RESOLUTION NO. FWHFC-2014-05
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION
APPROVING A SUBORDINATE LOAN OF $1,300,000.00 TO COLUMBIA
RENAISSANCE SQUARE 1, L.P. FOR THE DEVELOPMENT OF THE COLUMBIA AT
RENAISSANCE SQUARE APARTMENTS LOCATED AT 3801 W.G. DANIELS DRIVE
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
(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, on February 18, 2014, the City Council approved Resolution No. 4298-02-
2014 supporting the application of Columbia Renaissance Square 1, L.P. ("Columbia LP") to the
Texas Department of Housing and Community Affairs ("TDHCA") for 2014 Competitive 9%
Housing Tax Credits for the development of the Columbia at Renaissance Square, a new 140-
unit multifamily complex located at 3801 W.G. Daniels Drive in the Berry Hill -Mason Heights
Neighborhood Empowerment Zone;
WHEREAS, the Council at the same time also approved $1,200,000.00 of development
funding for the project from City HOME Investment Partnerships Program grant funds, subject
to further negotiation of loan terms (M&C C-26671). Columbia LP submitted its application to
TDHCA for competitive housing tax credits (Application No. 14198) on February 28, 2014;
WHEREAS, on March 25, 2014, the City Council approved Resolution No. 4307-03-
2014 determining that the Columbia at Renaissance Square is the development in the 2014
competitive tax credit application round that contributes most significantly to the City's
concerted revitalization efforts, specifically its revitalization efforts in the Berry Hill -Mason
Heights Neighborhood Empowerment Zone (M&C C-26725);
RESOLUTION NO. FWHFC-2014-05
PAGE 2
WHEREAS, Columbia LP has applied to the Corporation for a loan of $1,300,000.00 for
the project, subordinate only to the project's construction and permanent financing and
contingent upon the award of housing tax credits from the TDHCA or other acceptable
financing;
WHEREAS, the Board desires to approve and accept a contract with Columbia
Renaissance Square I, L.P. for a subordinate loan of $1,300,000.00, subject to availability of
funds, to develop the Columbia at Renaissance Square, a new affordable multifamily rental
housing development.
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1. THAT the Board authorizes the execution and delivery of a contract (the "Contract") by
and between the Corporation and Columbia Renaissance Square I, L. P. for a subordinate
loan in the amount of $1,300,000.00, subject to availability of funds, for a term of 5
years, to construct the Columbia at Renaissance Square, a new 140-unit affordable
multifamily rental property located at 3801 W.G. Daniels Drive, Fort Worth TX 76105
(the "Loan").
2. THAT Tom Higgins, General Manager of the Corporation, or Jesus J. Chapa, Assistant
General Manager of the Corporation, are authorized to execute and deliver the Contract
for and on behalf of the Corporation and any related documents necessary to implement
the Contract and the Loan, and each is authorized to extend, modify and amend the
Contract or the Loan, 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, as amended from time to time.
3. THAT this Resolution takes effect from the date of its adoption.
AND IT IS SO RESOLVED.
Adopted April 1, 2014
FORT WORTH HOUSIN FINANCE CORPORATION
By
Salvador Espino, President