HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2023-23RESOLUTION NO. FWHFC—2023-23
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION AUTHORIZING THE SALE OF SIX LOTS LOCATED AT 2510, 2512,
2514, 2516, AND 2518 SHERATON DRIVE AND 4913 RAMEY AVENUE IN THE STOP
SIX NEIGHBORHOOD TO FIRST STEP COMMUNITY EMPOWERMENT FOR THE
DEVELOPMENT OF SINGLE-FAMILY RESIDENCES
WHEREAS, the Fort Worth Housing Finance Corporation (the "Corporation") seeks to
promote homeownership and neighborhood revitalization throughout the City of Fort Worth
("City") and foster the development of quality, accessible, affordable housing for low- and
moderate -income individuals and families;
WHEREAS, in 2002 and 2008 the Corporation acquired several lots for future affordable
housing development as part of its land banking program, and has constructed single family houses
and developed subdivisions especially in targeted areas of the City;
WHEREAS, First Step Community Empowerment, a 501(c)(3) organization, requested to
purchase 6 lots located at 2510, 2512, 2514, 2516, and 2518 Sheraton Drive and 4913 Ramey
Avenue in the Stop Six Neighborhood at below market value established by a broker's price
opinion in order to build affordable owner -occupied, single-family residences; and
WHEREAS, the Board of the Corporation (the "Board") desires to approve the sale of 6
lots to First Step Community Empowerment, for $18,000 per lot, for a total amount of $108,000.00
for the purpose of affordable single-family housing development.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT WORTH HOUSING FINANCE CORPORATION:
1. THAT the Board approves the sale of the 6 lots more particularly described on the attached
Exhibit "A" (the "Property") to First Step Community Empowerment, for the negotiated
price of $108,000.00, plus the payment by the buyer of all closing costs.
2. THAT the Board approves the execution and delivery of the following for the sale of the
Property: (i) sale and purchase agreements with First Step Community Empowerment, (ii)
related deeds, and (iii) closing statements and any other related documents necessary to
complete the sale of the Property with all contracts and deeds to include deed restrictions,
rights of repurchase and/or first refusal, and reverters as staff deems appropriate in order
to ensure the Property is used for the intended purpose (the "Closing Documents").
THAT Fernando Costa, General Manager of the Corporation, or Victor Turner, Assistant
General Manager, or their duly appointed successors, are each authorized to execute and
deliver the Closing Documents for and on behalf of the Corporation along with any related
documents necessary to sell the Property.
4. THAT to the extent any actions to sell the Property authorized by this Resolution have
already been taken by the Corporation, Fernando Costa, Victor Turner, or any other
representative or agent of the Corporation, the Board hereby ratifies and confirms such
actions as the valid actions of the Corporation, effective as of the date such action was
taken.
5. THAT this Resolution takes effect on the date of its adoption.
AND IT IS SO RESOLVED.
Adopted May 23, 2023.
FORT WORTH HOUSING FINANCE CORPORATION
dz�gk Y:
Carlos Flores
President
Attest:
Jannette S. Goodall
Corporate Secretary
EXHIBIT A
ADDRESS
LEGAL DESCRIPTION
SALES PRICE
RESERVATION
4913 Ramey Ave
MAXWELL
$18,000.00
FWHFC retains
SUBDIVISION Lot 14,
mineral rights
Block 3
2510 Sheraton
SHERATON ADDITION
$18,000.00
FWHFC retains
Drive
Lot 5 Block 2
mineral rights
2512 Sheraton
SHERATON ADDITION
$18,000.00
FWHFC retains
Drive
Lot 6 Block 2
mineral rights
2514 Sheraton
SHERATON ADDITION
$18,000.00
FWHFC retains
Drive
Lot 7 Block 2
mineral rights
2516 Sheraton
SHERATON ADDITION
$18,000.00
FWHFC retains
Drive
Lot 8 Block 2
mineral rights
2518 Sheraton
SHERATON ADDITION
$18,000.00
FWHFC retains
Drive
Lot 9 Block 2
mineral rights