HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2023-34RESOLUTION NO. FWHFC-2023-34
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION AUTHORIZING RECEIPT OF $800,000 IN PRIVATE FUNDS
FROM THE TARRANT COUNTY HOMELESS COALITION TO SUPPORT THE
TOBIAS PLACE DEVELOPMENT LOCATED AT 505 WEST BIDDISON STREET
AND 3500 SOUTH JENNINGS AVENUE AND APPROVING A FORGIVABLE
SUBORDINATE LOAN TO TOBIAS PLACE, LP
WHEREAS, the City Council of the City of Fort Worth ("City") has adopted development
and revitalization of the City's neighborhoods and affordable housing stock as a strategic goal and
determined that quality accessible affordable housing is needed for moderate, low and very low-
income City residents;
WHEREAS, the City Council created the Fort Worth Housing Finance Corporation (the
"Corporation") in 1979 pursuant to the Texas Housing Finance Corporations Act, Chapter 394
of the Texas Local Government Code, to facilitate neighborhood revitalization and housing
initiatives in the City, including but not limited to, issuing tax-exempt bonds; developing,
rehabilitating and promoting housing; and assisting low to moderate income City residents in
acquiring quality, accessible, affordable housing through lending and construction activities;
WHEREAS, the Corporation seeks to promote neighborhood revitalization and foster the
development of affordable, quality housing throughout the City by developing partnerships among
the City, the Corporation, local governments, lenders, private industry and neighborhood -based
nonprofit housing organizations;
WHEREAS, the Board of the Corporation has approved agreements with Ojala Partners,
LP ("Ojala"), a Texas -based Delaware limited partnership, to develop the Tobias Place
Apartments, an approximately 291-unit multifamily housing development to be located at 505
West Biddison Street and 3500 Jennings Avenue (the "Project");
WHEREAS, Ojala created Tobias Place GP, LLC, a Texas limited liability company (the
"GP"), a single purpose entity to serve as general partner of Tobias Place, LP, a Texas limited
partnership (the "Partnership"), that will own the project and has approved various actions
relating to the creation and operation of the GP and the Partnership and other actions necessary for
the development of the Project
WHEREAS, in furtherance of the Project, the Corporation confirmed and ratified the
creation of the GP and actions necessary for the Corporation to become the sole member of the
GP, but such transactions have not yet been consummated; and
WHEREAS, the Tarrant County Homeless Coalition ("TCHC") has agreed to provide
$800,000 in private funds (the "Funds") to be used in connection with the development of the
Project; and
RESOLUTION NO. FWHFC-2023-34
PAGE 2
WHEREAS, the Corporation will use the Funds to provide a forgivable, subordinate loan
to the GP for development of the Project.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
FORT WORTH HOUSING FINANCE CORPORATION:
THAT the Board authorizes the Corporation to receive $800,000 (Eight Hundred Thousand
and No/100 Dollars) in private funds from the Tarrant County Homeless Coalition for the
purpose of then providing a forgivable, subordinate loan to the Tobias Place GP, LLC, or
an affiliate, for the development of the Tobias Place apartment Project, a new 291-unit
affordable multifamily rental property located at 505 West Biddison Street and 3500
Jennings Avenue, Fort Worth TX 76110.
2. THAT Fernando Costa, General Manager of the Corporation, or Victor Turner, Assistant
General Manager of the Corporation, or their duly appointed successors, are each
authorized to execute and deliver any related documents or agreements necessary to receive
and loan the Funds to the GP of the Project, provided any such documents or agreements
are within the scope of the Project, and in conformance with the goals and purposes of the
Corporation, as may be amended from time to time.
3. THAT this Resolution takes effect from the date of its adoption.
AND IT IS SO RESOLVED.
Adopted August 22, 2023
FORT WORTH HOUSING FINANCE CORPORATION
y:
Carlos Flores
President
Attest:
A Acln!�
Jannette S. Goodall
Corporate Secretary