HomeMy WebLinkAboutFWHFC-2025-26 - Fort Worth Housing Finance Corporation (FWHFC) - Resolution RESOLUTION NO.FWHFC-2025-26
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION
APPROVING THE AMENDED BUDGET FOR THE 2025-2026 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
2025-2026 fiscal year of the Corporation (the "Budget") during the Corporation's meeting on
August 28, 2025;
WHEREAS, it is in the best interest of the Corporation to pay interest-bearing debt
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 Terrell Homes, Ltd.;
WHEREAS, 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 the remaining balance, in its
entirety, on a Comerica Bank mortgage with an interest rate of 7%;
WHEREAS,the Board reviewed the request for the loan and the attached proposed amended
budget for the 2025-2026 fiscal year during the Corporation's meeting on November 18, 2025; and
WHEREAS, the Board desires to adopt the amended Budget as presented for the
Corporation's 2025-2026 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 2025-
2026 fiscal year.
2. THAT this Resolution takes effect on the date of its adoption.
AND IT IS SO RESOLVED.
Adopted November 18, 2025
FORT WORTH HOUSING FINANCE CORPORATION
LIV By:
AL4�),A y ,
Eliza eth Beck
President
Attest:
Jannette S. Goodall
RESOLUTION NO.FWHFC-2025-26
PAGE 2
Proposed Fort Worth Housing Finance Corporation 2025-2026 Amended Budget
Revenues(NO CHANGE) Adopted 2025-2026 Amended Adopted Final
Project Cash Flow $700,000 -- $700,000
Developer Fees 699,997 -- 699,997
Affordable Housing Payments 451,000 -- 451,000
Interest on Investments 220,000 -- 220,000
Land Sales-Vacant Lots 100,000 -- 100,000
Gas Lease-Royalties 35,000 -- 35,000
Loan Repayments 16,194 -- 16,194
Interest on Loans 13,619 -- 13,619
Miscellaneous Revenue 1,000 -- 1,000
Total $2,236,811 $2,236,811
Expenditures Adopted 2025-2026 Amended Adopted Final
Affordable Housing Project Expense $756,015 -- $756,015
Teifell Homes-Operating Loan 458,657 -- 458,657
Terrell Homes-Mortgage Payoff -- 2,000,000 2,000,000
Transfer to City Salaries 313,680 -- 313,680
PSH Supportive Services 255,000 -- 255,000
Professional Services 200,000 (10,000) 190,000
HOME Match 157,017 -- 157,017
Consultant Fees 100,000 (10,000) 90,000
Mowing HFC properties 47,090 -- 47,090
Contractual services 25,000 -- 25,000
Conferences, Seminars, Training 20,000 -- 20,000
Audit Fees - CohnRemick 20,000 -- 20,000
Dues, Membership & Renewals 16,320 -- 16,320
Property,Liability &D&O Insurance 15,000 20,000 35,000
Office Supplies 500 -- 500
Printing 500 -- 500
Property Tax-Mineral Interest 350 -- 350
Postage 100 -- 100
Net Contribution to Fund Balance (148,419) (148,419)
Total Expenditures $2,236,811 $2,000,000 $4,236,811