HomeMy WebLinkAboutFWHFC-2026-30 - Fort Worth Housing Finance Corporation (FWHFC) - ResolutionRESOLUTION NO. FWHFC-2026-30
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION
APPROVING A LOAN IN AN AMOUNT NOT TO EXCEED $800,000 TO TERRELL
HOMES, LTD. THROUGH ITS GENERAL PARTNER TERRELL HOMES GP, LLC
OR AN AFFILIATE TO ENSURE THE CONTINUED OPERATIONS AND FINANCIAL
SUSTAINABILITY OF THE TERRELL HOMES DEVELOPMENT LOCATED IN THE
HISTORIC SOUTHSIDE NEIGHBORHOOD
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
"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, NRP Development, RBC Investments, and the Corporation formed Terrell
Homes, Ltd. to construct and manage a housing development comprised of 54, single family homes
(the "Development") located within the Historic Southside Neighborhood and within the City of
Fort Worth.
WHEREAS, the Corporation is the sole member of Terrell Homes GP, LLC, the general
partner of Terrell Homes, Ltd. ("Terrell Homes");
WHEREAS, in December 2025, the Corporation bought out the limited partner of Terrell
Homes and now controls Terrell Homes;
WHEREAS, Terrell Homes has experienced years of declining revenues and increasing
expenses;
WHEREAS, financial statements as of March 18, 2026 show an accounts payable
balancing totaling over $350,000;
WHEREAS, it is in the best interest of the Corporation to invest in significant
improvements to the Development;
WHEREAS, the Board of the Corporation (the "Board") is being asked to approve an
additional loan in an amount not to exceed $800,000 to Terrell Homes, GP, LLC or an affiliate in
order to ensure the continuing operations and capital improvements of Terrell Homes;
RESOLUTION NO. FWHFC-2026-30
PAGE
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT WORTH HOUSING FINANCE CORPORATION:
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 ensure the
continuing operations, including the ability to make improvements, of Terrell Homes
(collectively the "Loan Documents") on the terms listed in Attachment A by and between
the Corporation and Terrell Homes Ltd. through its general partner Terrell Homes
GP, LLC, or an affiliate, in an amount not to exceed $800,000, subject to the availability
of funds, to support the Development, an existing 54-unit single-family rental housing
development located in the Historic Southside Neighborhood (the "Loan").
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 and improvements of Terrell Homes. This authorization includes the ability to
make modifications and amendments so long as they are 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 April 28, 2026
FORT WORTH HOUSING FINANCE CORPORATION
By:
Elizabeth . Beck
President
Attest:
Jannette S. Goodall
RESOLUTION NO. FWHFC-2026-30
PAGE 3
ATTACHMENT A
Loan Terms
Lender:
Fort Worth Housing Finance Corporation
Borrower:
Terrell Homes GP, LLC or an Affiliate
Project:
Terrell Homes
Location:
54 Single-family rental housing units located in the Historic Southside
Loan Amount:
Not to exceed $800,000
Origination Fee:
None
Amortization:
N/A
Loan Term:
Begins on date loan documents are executed.
Lien Priority:
This loan may be subordinate to permanent financing (mortgage), but
repayment shall be made through operating income as distributed by the
terms in the limited partnership agreement for Terrell Homes, Ltd.
Recourse:
Non -recourse as to Borrower
Other Conditions:
(If Applicable)
N/A