HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2014-14RESOLUTION NO. FWHFC-2014-14
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION FOR A GRANT AGREEMENT WITH THE FORT
WORTH AREA HABITAT FOR HUMANITY FOR A GRANT OF
$250,000 FOR THE JIMMY & ROSALYNN CARTER WORK
PROJECT DALLAS-FORT WORTH 2O14
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, Fort Worth Area Habitat for Humanity, commonly known as Trinity
Habitat for Humanity ("Habitat"), has built approximately 520 new homes for low
income families in Tarrant, Johnson, Wise and Parker counties since 1990 and plans to
build 15-20 new homes in the Central Meadowbrook neighborhood from October 5-11,
2014 as part of the Jimmy & Rosalynn Carter Work Project, Dallas -Fort Worth 2014;
WHEREAS, funding for the houses is being provided by corporations, churches
and private individuals and the houses are built by volunteers. Completed houses are
sold to individuals or families who earn between 30% to 60% of area median income and
have given 250 hours of sweat equity to Habitat;
WHEREAS, the houses in Fort Worth will be built on the site of an apartment
complex that had fallen into disrepair and was demolished and will help revitalize the
neighborhood;
WHEREAS, the Board desires to approve and accept a grant agreement with
Habitat for $250,000 for the construction costs of up to 4 houses which will be part of the
redevelopment of the Central Meadowbrook neighborhood.
NOW THEREFORE, BE RESOLVED BY THE BOARD OF DIRECTORS
OF THE FORT WORTH HOUSING FINANCE CORPORATION:
RESOLUTION NO. FWHFC-2014-14
PAGE 2
I THAT the Board approves the execution and delivery of a grant agreement
("Agreement") by and between the Fort Worth Area Habitat for Humanity,
commonly known as Trinity Habitat for Humanity ("Habitat"), and the
Corporation for a grant of $250,000.00 to pay a portion of the construction costs
of up to 4 houses in the Central Meadowbrook neighborhood.
2. THAT Jesus Chapa, General Manager of the Corporation, or Cynthia Garcia,
Assistant General Manager of the Corporation, are authorized to execute and
deliver the Agreement for and on behalf of the Corporation and any related
documents necessary to implement the Agreement, and each may extend, modify
and amend the Agreement, 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 August 26, 2014.
FORT WORTH HOUSING FINANCE CORPORATION
By:
Salvador Espino, President