Travis County Commissioners Court
February 27, 2007
HOUSING FINANCE CORPORATION
Let's call to order the Travis County housing finance corporation. One item. That is to consider results of follow-up compliance audit. Of bent oaks apartments and take appropriate action.
>> good afternoon.
>> good afternoon, my name is mike gonzalez, the senior financial analyst for the corporation. Bent oak apartments is on 3600 north hills drive, at the intersection of far west and mopac. Back in October 17th of 2006, the board approved a compliance audit which pretty much said that bent oaks was not in compliance with the qualifying and eligible tenant requirements under the regulatory agreement. The agreement requires they maintain a minimum of 20% of their units to qualifying tenants below 50% of the Austin median income. And that they also keep a minimum of 90% of their unit to eligible tenants which are below 120% of the Austin median income. Primarily, the reason bent oaks was out of compliance was because they failed to adequately keep documentation on the files that properly documents their income levels. At that time the board also approved the audit. It also approved the 60 day notice letter for them to cure deficiencies. Bent oaks management did provide staff copies of all of the files with updated documents that properly documented all of the tenants' income. Staff reviewed it and found it to -- to meet the regulatory agreement requirements. Compliance has been an ongoing issue for bent oaks in the past, mainly due to management turnover. However, staff has visited with current management and feel they -- they pretty much fully understand the requirements of the agreement and they have also stated that they were -- that they would start doing training on how to properly keep records for bond programs or bond properties. I think overall staff does recommend the -- the follow-up audit and the letter to be issued to bent oaks.
>> move approval. Including the sending the letter basically expressing appreciation to bent oaks for -- for getting back into compliance and agreeing to work with us in the future.
>> that's correct.
>> okay. Discussion? All in favor? That passes by unanimous vote.
>> thank you.
>> move to close.
>> all in favor? That passes by unanimous vote.
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Last Modified:
Wednesday, February 28, 2007 8:20 AM