HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2011-09RESOLUTION NO. FWHFC-2011-09
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION
AUTHORIZING THE SALE OF RESIDENTIAL PROPERTIES
OWNED BY THE CORPORATION
WHEREAS, the Fort Worth Housing Finance Corporation (the "Corporation")
seeks to foster the development of reasonably priced quality housing and promote
homeownership and neighborhood revitalization throughout the City of Fort Worth
("City") and is additionally an eligible housing development entity which assists persons
of low and moderate income in acquiring and owning quality, affordable, accessible
housing;
WHEREAS, the Corporation has developed the Eastcrest Addition as part of its
neighborhood revitalization efforts in southeast Fort Worth and has built and sold 12
houses in this development to date;
WHEREAS, Carter Metropolitan Community Development Corporation ("Carter
Metro") and Texas Community Development Corporation, formerly lcnown as Mitchell
Boulevard Community Development Corporation ("Texas CDC") were awarded HOME
funds from the City of Fort Worth (the "City") to perform certain affordable housing
development activities to benefit low to moderate income citizens of the City but both
failed to complete their obligations under their City contracts;
WHEREAS, the Board of the Corporation on June 3, 2008 approved and accepted
Assignments to the Corporation from Carter Metro and Texas CDC of their respective
obligations under their contracts with the City, along with the conveyance to the
Corporation by Carter Metro and Texas CDC of certain real properties for the purpose of
completing the federally required affordable housing activities set forth in the City
contracts;
WHEREAS, the Board of the Coiporation on September 1, 2009 approved the listing
with a real estate agent of the residential properties it developed in the Eastcrest Addition and
those it acquired by assignment fi•om Carter Metro and Texas CDC along with any other
residential properties it has acquired and developed including but not limited to 1325 New
York, 3100 and 3108 Eastcrest Coui�t, 4525 Trueland Street and 2912 Walker Sh�eet
(collectively, the "Properties");
WHEREAS, the Properties will be listed for sale at their appraised value but will be
sold for a negotiated price. Houses built with HOME funds will be sold to HOME-eligible
buyers in accordance with the HOME Regulations; and,
WHEREAS, the Board finds that selling the Properties for a negotiated price will
fulfill certain of the Corporation's obligations under the Carter Metro Assignment as well
as its goals of promoting home ownership and neighborhood revitalization.
RESOLUTION NO. FWHFC-2011-09
PAGE 2
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF
DIRECTORS OF THE FORT WORTH HOUSING FINANCE CORPORATION:
THAT the Board approves the sale of the Corporation's residential properties
including but not limited to 1325 New Yorlc, 3100 and 3108 Eastcrest Court, 4525
Trueland and 2912 Walker, along with the properties conveyed to the Corporation
by the assignments of contracts from Carter Metro CDC and Texas CDC
(collectively, the "Properties") for a negotiated price plus the payment of closing
costs in an amount not to exceed $4,000.00 for each sale.
2. THAT the Board approves the payment to the City of Fort Worth of the net sales
proceeds from the sales of certain of the Properties constructed with HOME funds
to the extent required by the HOME Regulations.
3. THAT the Board approves the execution and delivery of the following for the sale
of the Properties: (i) the listing agreements with a licensed real estate broker, (ii)
the sale and purchase contracts;(iii) the deeds; and (iv) the closing statements and
any other related documents necessary to complete the sales of the Properties
(collectively, the "Closing Documents").
4. THAT Tom Higgins, General Manager of the Corporation, or Jesus J. Chapa,
Assistant General Manager of the Corporation, are authorized to negotiate and
approve the terms of and to execute and deliver the Closing Documents for and on
behalf of the Corporation along with any other documents necessary to sell the
Properties.
5. THAT to the extent any of the actions to sell the Properties authorized by these
Resolutions have already been talcen by the Corporation, Tom Higgins or Jesus J.
Chapa, the Board hereby ratifies and confirms such actions as the valid actions of
the Corporation, effective as of the date such action was taken.
THAT these Resolutions take effect on the date of their adoption.
AND IT IS SO RESOLVED.
Adopted May 3, 2011.
FORT WORTH HOUSING FINANCE CORPORATION
By: � 'lY�- � �!/t � � � / �
Kathleen Hicics, President