HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2024-02RESOLUTION NO. FWHFC-2024-02
FORT WORTH HOUSING FINANCE CORPORATION
CONSIDER AND ADOPT A RESOLUTION TO RATIFY A CORRECTED AMOUNT OF
$3,750,000.00 FOR THE FORGIVABLE LOAN FROM THE CORPORATION TO THE
FORT WORTH COMMUNITY LAND TRUST REPRESENTING AN INCREASE OF
$50,000.00 TO ACCOUNT FOR $50,000.00 THE CORPORATION PAID TO
SOUTHWESTERN BAPTIST THEOLOGICAL SEMINARY AS EARNEST MONEY
FOR THE ACQUISITION OF LAND AND HOUSING UNITS LOCATED AT 4096
MERIDA AVENUE, 4097 MERIDA AVENUE AND 4048 MCCART AVENUE
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
City residents and the City Council have 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, Southwestern Baptist Theological Seminary ("Seminary"), a theological
seminary entered into a purchase and sale agreement with the Corporation to sell approximately
15 acres of land and 142 student housing units, located at 4096 Merida Avenue, 4097 Merida
Avenue and 4048 McCart Avenue (the "Property") for $11,000,000.00 ("Purchase Price");
WHEREAS, the Corporation, on August 22, 2023, received authorization to enter into an
agreement to purchase the Property (Resolution No. FWHFC-2023-33), and the Corporation
entered into said purchase and sale agreement with Seminary on September 13, 2023 (the "PSA");
WHEREAS, the Corporation received authorization to assign the PSA to the Fort Worth
Community Land Trust ("CLT") and contribute up to $3,700,000.00 of Corporation's funds to the
CLT in the form of a forgivable loan to go toward the Purchase Price;
WHEREAS, it was necessary to increase the amount of the forgivable loan from the
Corporation to the CLT by $50,000.00 to account for $50,000.00 the Corporation paid to Seminary
as earnest money for the PSA; and
RESOLUTION NO. FWBFC-2024-02
PAGE 2
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT WORTH HOUSING FINANCE CORPORATION:
1. THAT the Board ratifies the increase of the amount of the forgivable loan from the
Corporation to the CLT by $50,000.00 for a total corrected amount of $3,750,000.00 to
account for $50,000.00 the Corporation paid to Seminary as earnest money for the PSA;
and
2. THAT this Resolution takes effect from the date of its adoption.
AND IT IS SO RESOLVED.
Adopted January 30, 2024.
FORT WORTH HOUSING FINANCE CORPORATION
Carlos Flores
President
Attest:
Jannette S. Goodall
Corporate Secretary