Travis County Commissioners Court
July 1, 2008
Housing Finance Corporation
Now let's call to order the Travis County housing finance corporation, one item, take appropriate activity on rules of compliance examing of mountain ranch compliance project.
>> I'm the financial analyst force the corporation. On June 11, 2008, a compliance review as the mountain ranch amount development. Mountain ranch was designed to be a 712 unit development in southeast Austin located on 2325 east riverside drive. Our regulatory agreement required that at least 40% of the units be lease to do so families at or below 60% of the Austin median family income. As an example for a family of four that would be a max family number of $42,650. Mountain ranch also received a 4% tax credit from the housing of community affairs that puts a higher requirement on them for the state, they have ton 100% low-income tenants. After conducting the examination we found that mountain ranch is not in compliance with the low-income requirement. Staff reviewed a total of 30 tenant files and 12 were missing income certifications and some were missing income verification documents. We really found that most of the problem really occurred in the 2007 year. At that time, there was a different management company on site managing the properties than is currently. At the time it was american first property management. As of February 1, 2008, related property management actually took over. Staff's opinion or observe advances that relateactually going to be pretty proactive in bringing it back in compliance. We would, as we've seen before, management has to had both the confidence and familiarity to make it a priority, our sense is that they will do that. And again, since we reviewed 30 and 12 were found to be not in compliance if we, perhaps late that out there is a -- we exflap late that out, we question if there is 40%. We directed management to review the files. We would recommend to get direction for staff to go back out there within six months and do a follow-up examination. While we were on site, another side note that is interesting, our regulatory agreement says there is 8 building, it was actually discovered they actually only built seven buildings and 196 total units. Our attorney is reviewing it to make sure there is no tax implications. If any further action is required, we will bring it back to the board. At this time, we recommend that the board approve our report, approve the cure letter that it has been leaf at your place -- left at your place. We also you approve the invoice for $500 for mounted ranch and direct staff to do a follow-up exam within six months.
>> motion to approve the recommendation.
>> second.
>> basically they understand the defish sees and have committed to address them.
>> that's correct. They're factorrier with the requirements -- they're familiar with the requirements and they are making progress on bringing it back to compliance.
>> all those in favor. That passes by unanimous vote. With directers Daugherty and eckhardt absent.
>> move we adjourn.
>> second.
>> all those in favor. That passes by unanimous vote. That does it for today.
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Last Modified:
Tuesday, July 1, 2008 1:51 PM