HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2012-07RESOLUTION NO. FWHFG2012-07
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION
TO PURCHASE AND REHABILITATE 1820 S. CRAVENS ROAD
FOR INFILL HOUSING DEVELOPMENT
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 established an Infill Housing Development program
in 1996 and has constructed single family houses on individual lots and developed
subdivisions throughout the City, especially in targeted neighborhoods, as part of its
neighborhood revitalization efforts;
WHEREAS, the Corporation wishes to acquire the propei-ty cominonly known as
1820 S. Cravens Road, a City tax-foreclosed property, and rehabilitate the existing
structure for resale to determine the marlcet in the Stop SiX area before undertaking future
single family development in the area with federal funds ; and
WHEREAS, the Board finds that, as part of its Infill Housing Development
Program, it is necessary to purchase the real property commonly icnown as 1820 S.
Cravens Road in ordei� to rehabilitate it for resale.
NOW THEREFORE, LET IT BE RESOLVED BY THE BOARD OF
DIRECTORS OF THE FORT WORTH HOUSING FINANCE CORPORATION:
THAT the Board approves the purchase of the real property commonly lcnown as
1820 S. Cravens Road, Fort Worth, Texas from the City of Fort Worth for the tax
judgment amount of $27,355.15, plus the payment of up to $8,000.00 for all post
judgment taxes, penalties and intei•est as well as any reasonable and customary
closing costs.
2. THAT the Board approves the execution and delivery of the sale and purchase
contract for the acquisition of the property, the acceptance of the deed, and the
execution and delivery of the closing stateinent and any other related documents
necessary to complete the purchase the property.
3. THAT the Board approves the expenditure of up to $75,000.00 for rehabilitating
and repairing the property, and approves all other actions necessary to resell the
property.
RESOLUTION NO. FWHFC-2012-07
PAGE 2
4. THAT Toin Higgins, General Manager of the Corporation, or Jesus J. Chapa,
Assistant General Manager of the Corporation, are authorized to execute and
deliver the sale and purchase contract for the acquisition of the property, accept
delivery of the deed and execute the closing statement for and on behalf of the
Corporation along with any other documents necessary to complete the purchase
of the property and to rehabilitate and repair the existing structure located thereon.
4. THAT this Resolution talces effect on the date of its adoption.
AND IT IS SO RESOLVED.
Adopted June 5, 2012.
FORT WORTH HOUSING FINANCE CORPORATION
By: >l � �'�4�Q -P �l ��(/�.,.__
Kathleen Hicics, President