Travis County Commissioners Court
July 11, 2006
Housing Finance Corporation
Now let's call to order the Travis County Housing Finance Corporation, one item this afternoon. And that is to consider and take appropriate action on request to approve contract with Austin habitat for humanity. Mr. Davis?
>> I'm harvey Davis, manager for the corporation. Last may the board approved a 100,000-dollar commitment to Austin habitat to assist in their purchase of nine lots in the Austin colony section of the county. This is in an uncorporated section. Since that time Austin habitat has gone ahead and purchased one of the nine lots, so the agreements that we're asking you to approve today is for eight lots. They needed to proceed on with their program. There are two documents that were prepared by cliff blunt, a real estate lien note and a deed of trust. The way that we're proposing that the program work is that the note is a 100,000-dollar forgivable note. It would be forgiven at the time the lots are closes -- the lots are going to be closed on late this month. The deed of trust would be filed and we would -- the corporation would be in a first lien position on the eight lots. They have four years to build the homes and sell the homes to the appropriate home buyer; otherwise the loan has to be -- or that portion of the loan has to be repaid to the corporation. Then as the homes are completed and they are ready to close on the home buyer, then the corporation would execute release of lien on each of the lots as they're sold to the home buyer. So the home buyer would have their, the Austin habitat mortgage on it, and we would be out of the picture as far as our involvement in that particular lot. Austin habitat would supply us with the annual audited financial statements. They would give us an update and information regarding each of the eight home buyers that are part of this program. And they have -- I just passed out a press release that they have prepared to announce that -- the beginning of this program. I would suggest perhaps -- the press release has some quotes from the Austin habitat people that we might also have from president Biscoe or Commissioner Davis. This is in his precinct, might be appropriate. Mitchell gibbs is here from Austin habitat to answer any questions that you might have.
>> I just have one question, and I guess it would basically be, the four-year time line that we're looking at to make sure that Austin habitat for humanities actually owns the eight lots. My question, was there a price range since we try to look forward affordability of homes? What would the price range be of those homes?
>> as I recall from their original proposal, the price range was in the 55,000-dollar -- $55,000. That was --
>> okay.
>> that's what they're predicting.
>> okay.
>> and what's the square footage of the house? I'm on to square footage now.
>> Margaret.
>> [ laughter ]
>> it's something from an earlier issue.
>> just give your name, please.
>> mitchell gibbs, Austin habitat for humanity, the communications director. Yes, ma'am, our homes begin at $55,000 for a three-bedroom. That three-bedroom is about a 1100 square foot home. We build larger homes also.
>> for these eight lots are they all consistent as far as the amount of that particular home? Home?, the price range?
>> the price range would be between 55 and 65 depending upon the square footage and the bedroom size of the home.
>> between 55 and 65.
>> yes, sir.
>> I think y'all are just about the last organization that really builds affordable homes, really affordable price. And that's terrific.
>> and let's get a treatment on what will be -- on the history of each grantee.
>> there's a requirement of a summary history on each grantee. Have you reached agreement on what will be contained in that summary?
>> not -- no.
>> I'd feel a lot better knowing that y'all had reached agreement even if I don't know what it is.
>> mitchell is this intended to go out today?
>> whenever you're ready.
>> I just noticed the press release was 8/11, which is for next month.
>> for your draft.
>> and it wouldn't be a press release without the journalist on the panel having some suggestions.
>> please.
>> we know that the Travis County housing finance corporation is the Travis County Commissioners court, but this would never let anybody know who the Travis County -- so my suggestion was on paragraph 2 to basically say the Travis County Commissioners court in their role as Travis County housing finance corporation board members goes there. And then a second place would be on the -- about the corporation, if the last line of that paragraph could be members of the Travis County Commissioners court sit as the board members of the Travis County housing finance corporation. It tells everybody in the same way the Austin one is the Austin city council. It one of those dual things and I'll be happy to give that back to you with those edits.
>> would you like that money?
>> absolutely. We'll make the changes immediately.
>> move approval.
>> second.
>> of staff's religious. Recommendations. Discussion? All in favor? That passes by unanimous vote. Looking forward to a long partnership, long rewarding partnership. We have a motion to adjourn from director Sonleitner, all in favor? That passes by unanimous vote.
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Last Modified:
Wednesday, July 12, 2006 10:47 AM