HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2011-13RESOLUTION NO. FWHFC-2011-13
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION APPROVING A CONTRACT WITH THE CITY OF FORT
WORTH FOR $1,000,000 IN HOME FUNDS FOR THE DEVELOPMENTOF THE
LEE AVENUE TOWNHOMES, APPROVE PURCHASE OF 1402, 1404 AND 1419
LEE AVENUE AND 406 W. CENTRAL AVENUE FROM THE CITY OF FORT
WORTH AND APPROVE ALL RELATED ACTIONS REQUIRED FOR
HOUSING DEVELOPMENT
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 "Coiporation") 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, the City receives grant funds from the United States Department of
Housing and Urban Development ("HUD") through the HOME Investment Partnerships
Program ("HOME"), with which the City promotes activities that expand the supply of
affordable housing and develop partnerships with neighborhood-based non profit housing
organizations to benefit low and very low income City citizens by providing them with
affordable housing;
WHEREAS, the City wishes to enter into a contract with the Corporation for the
use of up to $1,000,000.00 in City's HOME funds to acquire certain tax foreclosed
properties commonly known as 1402, 1404, and 1419 Lee Avenue and 406 W. Central
Avenue from the City of Fort Worth for the construction of four to seven townhomes for
sale to HOME-eligible buyers;
WHEREAS, the Board desires to approve and accept a Contract with the City of
Fort Worth for the use of $1,000,000 in City HOME funds for the development of the
Lee Avenue Townhomes, approve the purchase of the tax foreclosed properties for the
development froin the City of Fort Worth., and approve all actions necessary for single
family housing development for the project.
NOW THEREFORE, BE RESOLVED BY THE BOARD OF DIRECTORS
OF THE FORT WORTH HOUSING FINANCE CORPORATION:
RESOLUTION NO. FWHFC-2011-13
PAGE 2
1. THAT the Board approves the execution and delivery of a contract ("Contract")
by and between the City of Fort Worth ("City") and the Corporation for up to $ l,-
000,000.00 in the City's HOME funds in order to provide funding for the
development of the Lee Avenue Townhomes and for the Corporation to undertake
all activities necessary to fulfill the requirements� of the HOME regulations for
affordable housing development.
2. THAT the Board approves the purchase 1402, 1404, and 1419 Lee Avenue and
406 W. Central Avenue from the City of Fort Worth for the statutory purchase
price for tax foreclosed properties but not to exceed $200,694.10, along with the
payment of up to $3,000.00 in closing costs per property and the payment of any
post judgment property taxes on the properties.
3. THAT Tom Higgins, General Manager of the Corporation, or Jesus 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 each may extend, modify
and amend the Contract, provided any such extensions, modifications and
amendments are in compliance with City Ordinances, requirements for use of
HOME funds and the goals and purposes of the Corporation as amended from
time to time.
4. THAT Tom Higgins, General Manager of the Corporation, or Jesus Chapa,
Assistant General Manager of the Corporation, are authorized to accept the deeds,
and execute and deliver the closing statements for and on behalf of the
Corporation along with any related documents necessary to purchase the
properties.
4. THAT this Resolution takes effect on the date of its adoption.
AND IT IS SO RESOLVED.
Adopted June 7, 2011.
FORT WORTH HOUSING FINANCE CORPORATION
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Kathleen Hicks, President