Travis County Commissioners Court
November 21, 2006
Housing Finance Corporation
Now let's call to order the Travis County Housing Finance corporation. First item consider and take appropriate action on request to approve two budget transfers in payments to Travis County, for accounting and administrative services.
>> good afternoon, I'm mary mays, assistant manager for the corporations. I think you all know that harvey Davis' father passed away, he will not be here today. This request is to budget transfers and payments to Travis County for the service that we provide -- to the corporations. Harvey full time and I and his as well. Mike gonzalez who is in the audience and leann sledge also assist from time to time. We are very pleased to be able to work with the corporation. This is the recommended amount is -- is $124,841, that is an annual figure.
>> okay. That's for all -- from all corporations, right?
>> that's for all the corporations. For the housing finance this amount is pro rated according to how much the -- each corporation has. At September 30th and the housing finance corporation amount would be 81,000 -- 81,007.91.
>> discussion? All in favor? That passes by unanimous vote. Number two is consider and take appropriate action to approve termination of amended and restated regulatory agreement and declaration of restrictive covenants related to aspen hills apartments project. Now known asphalts at bull creek.
>> good afternoon, cliff blunt. This project is scheduled to be sold to a growth called the bethany group. And about three or four weeks. The qualified project period has expired. So once the bonds are paid off, which will happen -- as a part of closing, the sales proceeds from the closing will go to pay off the bonds. We can release the qualified project period. There's a representative of the purchaser here if you have any specific questions. But it's a fairly routine matter that we have addressed new mexico ross times.
>> what amendmented and restated regulatory agreement are we asked to terminate?
>> any time that we finance a project with multi-family housing revenue bonds, we put a regulatory agreement on the project which restricts, that's the document which restrict the occupancy to tenants of low and moderate income and -- and those have in them a tax requirement as to how long they need to -- to last before they terminate. And in this case -- the -- the original 15 year term has expired. It in fact expired in June. And so once the bonds are paid off, after that 15 year term, it -- it really terminates in and of it -- by it's own terms. So we have been asked to just approve releasing that at the closing of the transfer of the property.
>> we will know at the closing whether the bonds are paid off or not.
>> it has been represented to me that that will happen, I will not let go of that release.
>> that's why I move approval.
>> discussion? All in favor? That passes by unanimous vote. Zoo we need to do anything else on 2 except wish everybody well?
>> was two the transfer of the broad more project.
>> not on two.
>> okay. 3. Consider and take appropriate action to approve transfer of broadmoor apartments project.
>> this is part of the same transaction to the same purchaser, the bethany group. The 15-year-old time period will not run on that project until 2011 so they have to where a consent to the transfer, which is conditioned on several things, such as a council opinion that the restrictions will be enforceable against the purchaser. And that the -- that the bond are not in default, there's not a default under the regulatory agreement right now. Et cetera. So I would recommend approving the -- the consent to transfer based on those facts. I do understand that mr. Davis performed an audit on that within the last week or two? I don't remember when.
>> that's right.
>> yes.
>> mike gonzalez was the housing corporation. Last week myself and harvey Davis went out to -- this transaction was about to happen, we went out and did a compliance audit on there. Part of the regulatory agreement they are required to have at least 20% of their development to be leased out to low income tenants. And in this case the low income, there will be a 50% of the amfi, which for a family of four will be about 35,000. We reviewed the net total of 20 -- 200 units. So they are required to have at least 406 these units to be leased out to 20% or below. They currently have over 60 what do qualify for this. Review a total of 37 files and found that overall they are keeping the record in good condition and they are it appears that they are in full compliance with the regulatory agreement requirements.
>> so first we need to give them a pat on the back.
>> I agree.
>> for complying with the very short agreement and restrictions. The transfer would be of the -- of the regulatory agreement and restrictions --
>> the property will be transferred and the the regulatory agreement will continue to be applicable against the property. Those low and moderate income restrictions will continue to apply.
>> until the expiration date.
>> 2011.
>> yes, sir. The bonds will also be paid off on the closing date on this one, also, this is one where the 15 year period will be longer than the -- than the time that the bonds are outstanding. So -- in 2011 I suspect they will come back and ask for a release.
>> is there any particular reason why the
>> [indiscernible] are not associated with the -- with the particular joinings that we are talking about this morning as far as the backup. As far as the agenda? The broadmoor apartments, any particular reason on the agenda that you don't have an associated address of the location? Is there a reason for that? Is there something that --
>> no, sir. I put together the agenda, I did not include the addresses of either projects that we have seen numerous times before. I apologize for not having that in there.
>> it would be good to have that just in case --
>> for those interested in the address it is --
>> well, the address of the falls at bull creek is basically at spicewood springs and loop 360 at the intersection. It used to be call aspen hills apartments. Broadmoor is in north Austin off of metric boulevard. I'm not sure of the exact address.
>> it would be good in the future, I think, to associate those addresses in case we want to go ahead and look at it, stuff like that, see what the young man did, the audit compliance, they don't exactly know what the address is, but of course it would be good as far as publicly you know I think.
>> yes, sir, I apologize for that.
>> that's all right.
>> move approval of 3.
>> second.
>> discussion? All in favor? That passes by unanimous vote.
>> move adjourn.
>> second.
>> all in favor? That passes unanimously.
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Last Modified:
Wednesday, November 22, 2006 10:29 AM