HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2025-14RESOLUTION NO. FWHFC-2025-14
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION HIRING OUTSIDE LEGAL COUNSEL TO ADVISE ON
MATTERS RELATED TO TAX CREDIT PROPERTIES APPROACHING THE
END OF THEIR 15-YEAR TAX CREDIT COMPLIANCE PERIOD
WHEREAS, the City Council of the City of Fort Worth (the "City") created the
Fort Worth Housing Finance Corporation (the "Corporation") in 1979 pursuant to the
Texas Housing Finance Corporation Act to facilitate the development of decent, safe
quality, affordable, and accessible housing for low- and moderate -income City residents
through lending and construction activities;
WHEREAS, the Corporation sometimes acquires an ownership interest ("General
Partner") a single -purpose entity ("Partnership"), often a Texas limited partnership or
Texas limited liability company, created for the purpose of developing multifamily
properties financed with low income housing tax credits ("LIHTC") issued through the
Texas Department of Housing and Community Affairs ("TDHCA");
WHEREAS, a Partnership has investors in the ownership structure ("Investors")
that has an opportunity to exit the Partnership, toward the conclusion of the Partnership's
15 year tax credit compliance period, by selling Investors' interest to the General Partner
("Change in Ownership");
WHEREAS, Terrell Homes, a project in which the Corporation serves as General
Partner, is nearing the end of its 15 year tax credit compliance period;
WHEREAS, it is advisable to obtain outside legal counsel with experience and
special expertise in complex LIHTC developments to represent the Corporation's interest
in connection with a Change in Ownership; and
WHEREAS, the Board desires to approve hiring attorney Scott Marks with Duane
Morris, LLP, to serve as legal counsel in connection with matters related to a Change in
Ownership, including the negotiation of exiting Investors from a Partnership, transferring
Corporation owned assets to eligible purchasers, and adhering to compliance requirements
imposed by TDHCA, and advising on any other related issues.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF
DIRECTORS OF THE FORT WORTH HOUSING FINANCE CORPORATION:
1. THAT the Board approves the hiring of attorney Scott Marks with Duane Morris,
LLP, to serve as legal counsel for the Corporation, in its capacity as General
Partner, to advise on matters relating to a Change in Ownership, including the
negotiation of exiting the Investors from the Partnerships, transferring Corporation
owned assets to eligible purchasers, and adhering to compliance requirements
imposed by TDHCA, and any other related issues.
RESOLUTION NO. FWHFC-2025-14
PAGE 2
2. THAT the Board approves the payment of attorney's fees in an amount not to
exceed $130,000.00 incurred in connection with a Change in Ownership.
THAT Dana Burghdoff, General Manager of the Corporation, or any duly
authorized Assistant General Manager, or their duly appointed successors, are each
authorized to execute and deliver the documentation necessary to engage outside
counsel to advise on a Change in Ownership and any other related issues.
4. THAT this resolution takes effect from the date of its adoption.
AND IT IS SO RESOLVED.
ADOPTED August 26, 2025
FORT WORTH HOUSING FINANCE
O TION
By:
Carlos Flores
President
Attest:
Jannette S. Goodall