Travis County Commissioners Court
November 24, 2009,
Travis County Housing Finance Corporation
Now let's call to order the Travis County housing finance corporation.
one item, consider and take appropriate action on signing and filing of commitment letter and payment of good faith deposit related to allocation of up to $23,567,088 by the united states treasury under the new issue bond program housing finance agency initiative.
>> good afternoon.
i'm harvey Davis, manager of the corporation.
i'm here with our attorney cliff blun, and, of course, we had a nice discussion last week about this opportunity to issue these single-family bonds which -- which in my opinion would have a -- a good chance of being very successful program.
but after looking at our finances in greater detail, our recommendation is to not to proceed with this opportunity and to inform the department of treasury that -- that we will not use the allocation.
we do have these three grant programs that we are actively working on.
the nsp, the cdby and the tenants assistance grant.
this ties up a significant amount of our resources that we have because this money has to be available to advance on home closings, and so I think there would be some chance of the corporation having liquidity problems if we proceed with this single-family bond program.
i did in the memo --
>> can I just -- I have not spoken with mr.
davis since last week.
i did express a reservation or two, right?
>> yes, and I caught that.
>> you did not let the county judge intimidate you, did you?
>> no, sir, I did not.
>> all right, proceed.
>> and I confirm.
>> I expected comments of another nature from you.
all right.
>> I did list some options.
the only option that would be viable would be to proceed with the program and not to fund downpayment assistance.
but the advice and indication I've gotten from our advisers is that that would jeopardize the success of the bond program to have it strictly a -- a mortgage loan program without downpayment assistance.
so that is our recommendation.
>> and I think we ought to give the programs already underway 110% and be on the lookout for another more attractive first-time home buyer downpayment assistance program.
>> right.
>> I concur with you 100%, mr.
davis.
>> second.
>> motion to follow staff's recommendation.
discussion?
all in favor?
that passes by unanimous vote.
with Commissioner Eckhardt temporarily off the dais.
>> move we adjourn.
>> second.
>> that passes by unanimous vote.
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Last Modified:
Tuesday, November 24, 2009 1:40 PM
