Travis County Commssioners Court
December 28, 2004
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Housing Finance Corporation
Let's call to order the Travis County housing finance corporation. Mr. Harvey Davis is hopefully headed this way. 1. Consider and take appropriate action on request to approve the followin -- the following: if we could just give mr. Davis a minute.
>> there he is.
>> sorry.
>> a under number one is an addendum to the March 4, 2004 agreement with hunter & hunter consultants; and b. Invoice for administrative fee from hunter & hunter consultants. Yes, sir?
>> good morning. I’m harvey Davis, manager for the corporation. If I can catch my breath a little bit. You know we had this $300,000 contract for first-time home buyer assistance and we have hired a consultant, hunter and hunter to administer the program for us. The agreement with hunter was executed in March of 2003. And as part of the agreement we have agreed to -- as part of his compensation that he receives the administration fee that -- that we receive from the Texas department of housing and community affairs, which is 4% of the amount of the grant, which in this case would be $12,000. And the reason -- the reason for the addendum is that -- that the -- the time lines for when -- when we can apply for a portion of this administration fee, those -- those time lines have changed a little bit. So from the time -- with the state, from the time that we executed this agreement with hunter in 2003, the addendum changes those time lines to make them the same as the state's time line, this will enable us to apply for a partial reimbursement of the administration fees and then we in turn can pay hunter a portion of the administration fees. The -- the grant provides that we are -- can provide 60 non-interest forgivable loans. To date we have completed 18 loans.
>> so the addendum in a is what now?
>> the addendum is to make some -- what I would classify as minor changes to the time lines of -- of when we could seek payment of these administration fees. For example, the original contract that provided once 25% of the loans are closed and we have been reimbursed the amount from the state, we could apply for 25% administration fees, the addendum changed that to 10%. As the first threshold.
>> so the addendum really would be all of the changes you've described in addendum a of the backup?
>> yes, sir. And our attorney, cliff blunt, has reviewed the addendum, made some necessary changes to it.
>> and we don't think those changes would harm us in any way.
>> no. No.
>> any more discussion of a? Move approval.
>> second.
>> all in favor? That passes by unanimous vote. B is an invoice.
>> yes. B is an invoice that hunter has sent us who -- to -- to bill us for 10% of the administration fee, $1,200, the invoice, I’m asking the board to approve this subject to the corporation receiving these funds from the state. So we would not -- we would not send the check to hunter until we have received the money from the Texas department of housing and community affairs.
>> mr. Hunter knows that?
>> yes, he does.
>> so we need a motion to approve the invoice but condition payment upon our receipt of funds from the state.
>> yes, sir.
>> that's my motion.
>> second.
>> discussion? All in favor? That passes by unanimous vote.
>> move adjourn.
>> all in favor?
>> that passes man unanimously, too. That does it for today.
>> happy new year to everybody.
Last Modified:
Tuesday, December 28, 2004 3:19 PM