HomeMy WebLinkAboutFWHFC-2025-24 - Fort Worth Housing Finance Corporation (FWHFC) - Resolution RESOLUTION NO. FWHFC-2025-24
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION
AUTHORIZING A LOAN IN AN AMOUNT NOT TO EXCEED $2,000,000 TO
TERRELL HOMES, LTD. TO PAY OFF THE FIRST MORTGAGE LOAN BALANCE
RELATING TO TERRELL HOMES
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 residents;
WHEREAS the City Council created the Fort Worth Housing Finance Corporation the
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"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, in 2010,NRP Development, RBC Investments, and the Corporation formed
Terrell Homes, Ltd. ("Partnership") to construct and manage the Terrell Homes Development
("Terrell Homes"), an affordable 54-unit single-family rental housing project located within the
Historic Southside Neighborhood in the City;
WHEREAS, the Development was financed with equity from 9% Housing Tax Credits
syndicated by RBC Investments, a first mortgage note provided by Comerica Bank, and a second
mortgage note provided by the City through its HOME Investment Partnership funding;
WHEREAS,the interest rate of the Comerica Bank first mortgage is 7%;
WHEREAS, the Corporation is the sole member of Terrell Homes GP, LLC, the general
partner of Terrell Homes, Ltd., responsible for the daily operations and financial health of the
Development;
WHEREAS, it is in the best interest of the Corporation to pay the balance owed on the
first mortgage note to relieve the Partnership of its interest obligations to Comerica Bank;
WHEREAS,the Board of the Corporation(the"Board")is being asked to approve a loan
in an amount not to exceed $2,000,000.00 to Terrell Homes, Ltd. or an affiliate in order to pay
Comerica Bank, or its successor/assignee,the existing balance of the first mortgage loan;
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT WORTH HOUSING FINANCE CORPORATION:
1. THAT the Board authorizes the execution and delivery of a loan agreement (the "Loan
Agreement") and all other necessary loan documents to provide funding to pay off the first
RESOLUTION NO. FWHFC-2025-24
PAGE 2
mortgage loan balance, including principal, interest, prepayment fees, and other pay off
related expenses,relating to the Development(collectively the "Loan Documents") on the
terms listed in Attachment A by and between the Corporation and Terrell Homes,Ltd.,
or an affiliate, in an amount not to exceed $2,000,000.00, subject to the availability of
funds,to support Terrell Homes .
2. THAT Dana Burghdoff, General Manager of the Corporation, or Kacey Thomas,Assistant
General Manager of the Corporation, or their duly appointed successors, are each
authorized to execute and deliver the Loan Documents for and on behalf of the Corporation
along with any related documents or agreements necessary to support the ongoing
operations of Terrell Homes. This authorization includes the ability to make modifications
and amendments so long as they 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 November 18, 2025
FORT WORTH HOUSING FINANCE CORPORATION
By:
Elizabeth Beck
President
Attest:
A0=1:pn co
Jannette S. Goodall
RESOLUTION NO. FWHFC-2025-24
PAGE 3
ATTACHMENT A
Loan Terms
Lender: Fort Worth Housing Finance Corporation
Borrower: Terrell Homes Ltd., or an Affiliate
Project: Terrell Homes
Location: 54 Single-family rental housing units located in the Historic Southside
Loan Amount: Not to exceed $2,000,000.00
Interest Rate: To be determined
Origination Fee: None
Amortization: None, repaid through operating income as distributed by the terms in the
limited partnership agreement for Terrell Homes, Ltd.
Loan Term: Begins on date loan documents are executed.
Lien Priority: This loan will replace the first lien.
Payments: Repayment shall be made at sale or disposition of property.
Recourse: Non-recourse as to Borrower
Other Conditions:
(If Applicable)
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