Travis County Commssioners Court
March 18, 2003
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Housing Finance Corporation
Let's call to order the Travis County housing finance corporation.
>>1. Approve a resolution authorizing samuel t. Biscoe to execute the home agreement with the Texas department of housing and community affairs for a 2003 homebuyer assistance program.
>> why is this important, mr. Davis.
>> I'm harvey Davis, manager of the corporation.
>> or necessary.
>> I'm asking the board to approve this -- this resolution because this is -- this is a resolution to -- is required in the grant application.
>> okay.
>> second.
>> makes sense to me.
>> second.
>> motion to approve, seconded by director Davis, any more discussion? All in favor. That passes by unanimous vote. 2. Consider (a) release of lien and (b) reimbursement payment to Texas department of housing and community affairs for repayment of home project loan #36662000-43, and take appropriate action.
>> this is a situation that I have brought before the board and others, in similar situations. The home buyer has repaid their loan in the amount of $1,744, those funds have been deposited to the corporation's bank account and so I'm asking permission to reimburse tdhca has amount and to release the lien on the home buyers home that they purchased. And -- and -- in April of 1997.
>> move approval of the a and b.
>> second.
>> all in favor? That passes by unanimous vote. 3 is to approve (a) budget amendment and transfer and (b) approve a resolution designating the amount of cash reserve for the proposed home award from the Travis County housing finance corporation to the Texas department of housing and community affairs for a 2003 homebuyer assistance program.
>> with this agenda item I'm asking the board to put into reserve account $45,000 which would be 15% of the amount of the grant. These funds would be used to -- to advance down payment assistance to home buyers at closing before we would -- are reimbursed by the state on the grant. This -- this reserving of these funds, I don't think would affect future desires of the board to use this money later during the budget process because we usually keep $100,000 or more in reserve and again these funds are just to advance to the closing and -- until we get reimbursed, you know, a couple of weeks later.
>> this is where we know the state money is coming, but we have the mope on hand to advance, to expedite the processing the loan.
>> yes, so we don't delay the closing. The resolution is something that is required in the grant application. The cash reserve kind of the -- well, the grant, you have 130 possible points and the cash reserve you have 15 points in that section. If you put 50% reserve, you would get the total 15 points. If you put 15%, you get 14 of the 15, so it seems to me that it made sense to give up the 1 point not to have to put up $150,000 in reserve that would affect, you know, any decisions that the board made at a later time.
>> we have done this before.
>> yes, we have.
>> no problems ever?
>> no problems ever.
>> that's why I move approval.
>> second.
>> any more discussion? All in favor? That passes unanimously. 4 is to approve 8 budget amendment and transfer and -- 4. Approve (a) budget amendment and transfer and (b) approve an invoice for financial advisory services.
>> this is an invoice from our financial advisor for $3,500. And it's for his work on the woodway bonds that were closed -- that closed in September. The source of funds to pay this invoice is the application fee. The $11,000 application fee. That fee has already been paid and been deposited to the corporation's account.
>> so woodway gave us $11,000 and we knew that if the financial advisor provided services he would have to be paid 3500 bucks.
>> that's correct.
>> and that amount would come from the 11,000.
>> the balance of his fee was paid by the developer at the closing of the bonds.
>> okay. Move approval.
>> second.
>> any more discussion? All in favor? That passes by unanimous vote.
>> move we adjourn.
>> all in favor? That passes by unanimous vote, also. Thank you, mr. Davis.
>> thank you,.
Last Modified: Wednesday, April 2, 2003 10:25 AM