Travis County Commissioners Court
July 25, 2006
Housing Finance Corporation
We do need the Travis County housing finance corporation, and I call it to order. Item number 1 is to consider and take appropriate action on request to approve, a, release of lien on a home down payment assistance loan. And b, reimbursement payment to Texas department of housing and community affairs due to repayment in full of two home down payment assistance loans. Afternoon.
>> good afternoon. I'm mary mace, the assistant manager for the corporations. With me is the assistant analyst for the corporation. Harvey Davis was not able to be with us today. This first item is fairly routine. We've had repayment on two loans that we made to first-time home buyers in 1997. We have received the $2,000 and the 1874, and they are in the bank. And as you know, per the contract, this money should be reimbursed to the Texas department of housing and community affairs. And as well we need to release the liens that were placed when these loans were made. And cliff blunt has reviewed the release of lien forms. So I would ask that you authorize the judge to sign the release of lien and authorize staff to reimburse the money to the tdhca.
>> so moved.
>> second.
>> discussion? All in favor? That passes by unanimous vote. Number two is to consider and take appropriate action on request to approve results of the compliance audit of eagles landing apartment project. Mike gonzales has worked with harvey on this audit and the preparation of the information for you, and so I'm going to ask him to tell you about this one.
>> good afternoon, court. On June 'th, 2006, harvey Davis and myself conducted a compliance audit of eagles landing and apartment project. This is a 240-unit multi-family development. It's located on 8,000 decker lane in Austin, Texas. The corporation issued 10.7 million in multi-family housing and revenue bonds on August 29th, 2002. The bond requires that 40% of the units be leased to tenants after or below 60% of the Austin median family income. For an example, a family of four -- this would be total family income of $42,600. We found no compliance issues with the apartment complex to actually maintain the records in outstanding order. There were two issues that we did find in our review of the documentations, but however, management was already aware of that situation and was working to correct it prior to our on-site visit. The other issue also has to do with the fax form 87-- tax form 8703. They have to provide a copy-that form every year. This form insures that they're still -- are able to receive the tax exempt status or they're still doing the same procedure or practices that allowed them to first get that tax exempt status. We are working with them and are real confident this we'll be receiving a copy of those forms here shortly. The individuals that we talked to were the on-site, and they were having to get it from their corporate office, so we estimate a little bit of lag in receiving it, but we're hope to go get that shortly. Also, these departments also received a four percent tax credit from the state, and the state has been out and conducted an audit, compliance audit on the apartment complexes and they also gave them a clean bill of health on it also. That's pretty much my whole presentation. I'll be happy to answer any questions you may have.
>> I just wanted to say also, the 29 files that were reviewed for this audit, every single one of those did indicate that the income was below the 60%, though that's not required for us, it is for the state. And also, harvey assured me that if we do not receive the copy of the i.r.s. Form, that he will bring that back to your attention.
>> was there a time line that stipulated on receipt of the proper tax form and the completion of those tax form to be submitted in a certain time? Was there a time line on it?
>> no. But I think we're expecting it within the next several weeks.
>> okay.
>> move approval of the audit.
>> second.
>> and if we don't get the information we need, it will be back on the agenda. Give the managers out there a pat on the back from the board. Discussion? All in favor? That passes by unanimous vote.
>> move adjourn.
>> second.
>> all in favor? That carries unanimously also. Thank y'all very much.
The Closed Caption log for this Commissioners Court agenda item is provided by Travis County Internet Services. Since this file is derived from the Closed Captions created during live cablecasts, there are occasional spelling and grammatical errors. This Closed Caption log is not an official record the Commissioners Court Meeting and cannot be relied on for official purposes. For official records please contact the County Clerk at (512) 854-4722.
Last Modified:
Wednesday, July 26, 2006 10:34 AM