HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2025-09RESOLUTION NO. FWHFC-2025-09
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION
APPROVING THE AMENDED BUDGET FOR THE 2024-2025 FISCAL YEAR
WHEREAS, the Board of Directors of the Fort Worth Housing Finance Corporation (the
"Board"), a Texas housing finance corporation (the "Corporation"), approved the budget for the
2024-2025 fiscal year of the Corporation (the "Budget") during the Corporation's meeting on
August 27, 2024;
WHEREAS, the Corporation must meet an obligation to pay invoices and property
management fees associated with the affordable housing development Terrell Homes, in which the
Corporation is the sole member of Terrell Homes, GP, LLC, the general partner of Terrel Homes,
Ltd.;
WHEREAS, the Board is being asked to approve a loan in the amount not to exceed
$500,000 to Terrell Homes, GP, LLC or an affiliate in order to pay these costs;
WHEREAS, the Board reviewed the request for the loan and the attached proposed amended
budget for the 2024-2025 fiscal year during the Corporation's meeting on June 24, 2025; and
WHEREAS, the Corporation must also meet an obligation to pay invoices associated with a
loan for the Permanent Support Housing development, Journey Home Housing (FWHFC-2022-09),
whose expenditures were not included in the Fiscal Year 25 Budget;
WHEREAS, the Board desires to adopt the amended Budget as presented for the
Corporation's 2024-2025 fiscal year.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT WORTH HOUSING FINANCE CORPORATION:
1. THAT the Board approves the attached amended Budget for the Corporation's 2024-
2025 fiscal year.
2. THAT this Resolution takes effect on the date of its adoption.
AND IT IS SO RESOLVED.
Adopted June 24, 2025
RESOLUTION NO. FWHFC-2025-09
PAGE a
FORT WORTH HOUSING MNANCE CORPORATION
-By:
Carlos Flores
President
Attest:
Jannette S. Goodall
City Secretary
RESOLUTION NO. FWHFC-2025-09
PAGE 3
Proposed Fort Worth Housing Finance Corporation 2024-2025 Amended Budget
Revenues
Adopted 2024-25
Amended
Adopted Final
Project Cash Flow (Enclave at the Park &
Westport)
$1,295,000
--
$1,295,000
Affordable Housing Payments
451,000
--
451,000
Interest on Investments
280,000
--
280,000
Developer Fees (Northill Manor)
100,000
--
100,000
Land Sales - Vacant Lots
100,000
--
100,000
Gas Lease - Royalties
35,000
--
35,000
Loan Repayments (Columbia &
Mistletoe)
15,874
--
15,874
Interest on Loans
13,940
--
13,940
Miscellaneous Revenue
1,000
--
1,000
Total
$2,291,814
$2,291,814
Expenditures
Adopted 2024-25
Amended
Adopted Final
Affordable Housing Project Expense
$632,556
$1,350,000
$1,982,556
Transfer to City (Salaries)
311,039
--
311,039
Terrell Homes - Loan
197,187
500,000
697,187
HOME Match
157,017
--
157,017
PSH Supportive Services
255,000
--
255,000
Consultant Fees
100,000
--
100,000
Mowing HFC properties
50,200
--
50,200
Professional Services
40,000
--
40,000
Contractual services
25,000
--
25,000
Conferences, Seminars, Training
20,000
--
20,000
Audit Fees - CohnReznick
17,500
--
17,500
Dues, Membership & Renewals
11,355
--
11,355
Property, Liability & D&O Insurance
5,027
--
5,027
Office Supplies
500
--
500
Printing
500
--
500
Property Tax -Mineral Interest
350
--
350
Postage
50
--
50
Total Expenditures
$1,823,281
$3,673,281
Net Contribution to Fund Balance
$468,533
--
($1,381,467)
Total
$2,291,814
$2,291,814