HomeMy WebLinkAboutFWHFC-2025-16 - Fort Worth Housing Finance Corporation (FWHFC) - ResolutionRESOLUTION NO. FWHFC—2025-16
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION AUTHORIZING THE SALE OF LOT LOCATED AT 5600 BONG DRIVE IN COUNCIL
DISTRICT 5 TO ALPHA FAMILY GROUP, LLC OR AN ELIGIBLE AFFILIATE 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 2007 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, the Corporation's standard documents for sale of single family lots include
mechanisms to ensure that the purchaser of the lots uses the property to construct single family
houses and sell them to income -eligible buyers ("Deed Restrictions");
WHEREAS, Alpha Family Group, LLC, a Texas limited liability corporation, requested to
purchase lot located at 5600 Bong Dr. in Council District 5 at below market value established by
a broker's price opinion in order to build affordable owner -occupied, single-family residences;
WHEREAS, the Board of the Corporation (the "Board") desires to approve the sale of 5600
Bong Dr. to Alpha Family Group, LLC, or to an affiliated entity that is willing and able to comply
with the Deed Restrictions (an "Eligible Affiliate"); and
WHEREAS, the Corporation is amenable to selling the lots for a total amount of
$34,000.00 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 lot 5600 Bong Dr. more particularly described
on the attached Exhibit "A" (the "Property") to Alpha Family Group, LLC or an Eligible
Affiliate, for the negotiated price of $34,000.00 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 Alpha Family Group, LLC or an Eligible
Affiliate, (ii) related deeds, and (iii) closing statements and any other related documents
RESOLUTION NO. FWHFC-2025-16
PAGE 2
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 orderto ensure the Property is used forthe intended purpose (the "Closing
Documents").
3. THAT Dana Burghdoff, General Manager of the Corporation, or Kacey Thomas, 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, Dana Burghdoff, Kacey Thomas, 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 September 30, 2025.
FORT WORTH HOUSING FINANCE CORPORATION
By.
Elizabeth Beck
President
Attest:
Jannette S. Goodall
RESOLUTION NO. FWHFC-2025-16
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I *:I:I 1:1 111 red
ADDRESS LEGAL DESCRIPTION SALES PRICE RESERVATION
5600 Bong Dr. ROSEDALE PARK ADDITION $34,000.00 FWHFC retains
Block 20 Lot 1 mineral rights