Travis County Commissioners Court
September 18, 2007
Housing Finance Corporation
Travis County housing finance corporation. We have been asked to pull item number 2. Number 1 is to consider and take appropriate action on request to approve fy '08 budget.
>> a couple things to point out on this budget, this proposed budget, the increase of the visitation item from 50,000 to 113,000, and this is based on information I've gotten from roger elchory about the cost that it's going to take to do the visitation center. I will add that all the, all the budgets, the excess fund are placed in allocated reserve so that those fund are available should the board decide to make different expenditures in the future. That's one item. Of course the center for child protection, 50,000 take was in there has been removed and placed over in the health corporation. The american housing foundation issue with the scholarship program is not included in the budget because we don't know whether those, whether that transaction will close or not, although the latest information I've gotten is that they do expect to close in late October, early November. And then included in the budget is $75,000 for a new home buyer assistance program. The next spring, the Texas department of housing community affairs will be receiving grant, will make a grant application opportunities. So the desire would be to apply for new funds, and the $75,000 would be to support that program that has, in my opinion, be pretty successful.
>> I guess we can approve the increase for the visitation center subject to our hearing more specifics later on.
>> yes.
>> I assume they plan to come back to the court and the board.
>> right.
>> and explain how we got from this construction economy it's understandable, but I think we still ought to have specifics.
>> right. And you could leave the amount at $50,000, which has already been committed, and place the extra in allocated reserve and do it that way and increase it should it be appropriate.
>> so we'll later have the flexibility to do the right thing with it anyway. So budgeting is fine with me.
>> okay.
>> questions, comments? Move approval. All in favor. That passes by unanimous vote. And our final item is number 3, and that is to consider and take appropriate action on request to consent to transfer of partnership, management, property management and certain other related rights and interests of southwest housing development company, incorporated, and brian and cheryl potashink, related to heather wild villan apartments to cascade affordable housing llc and its affiliates.
>> I'm here with clifton bowling an attorney with amon housing and lee. Cliff blunt is in dallas today. This is to change the general partner and the partnership that owns heather wild villa. We issued the bond, I believe, in 2002. This complex has tax credits from the state, four percent tax credits, and the exempt bonds issued by the corporation. I have done an audit of this, of the apartment complex. It was very well managed. It was very, had no issues, it is a nice apartment complex. Cascade is affordable housing, which would be the new owner is an entity from washington state. They are buying 50 apartments around the state from southwest housing. So this is one of 50. Southwest housing, the transaction included once issued by the city of Austin, Austin housing finance corporation. There is another apartment complex that we issued bonds for owned by southwest housing that is not part of this transaction. I have talk to other issuers regarding cascade, and the next I've gotten is that they to have a good track record in washington state and are well equipped to manage affordable housing projects. So in that sense, I think this is something appropriate for the corporation to approve. The policy of the corporation provides that in this situation where we're not refunding bonds, we're in the issuing bonds, but we're approving ownership changes, there is a $5500 fee. So we are to get $5500, and then pay the expenses. And then if there's any money left, that is to be refunded to the payer of the fee, which would be the new owner. So rather than do that, what I am suggesting to the corporation is that we permit the owner to pay directly the expenses of our attorney and pay the corporation $1500 for the time and trouble of the corporation to approve this transaction.
>> from a legal perspective, there's no down side here for the board?
>> no, sir, not at all.
>> questions?
>> move approval.
>> any discussion? All in favor. That passes by unanimous vote. That motion includes approval of the financial recommendations that mr. Davis made also. Right? They pay the lawyer directly. The 1500 comes to the corporation, right, mr. Davis?
>> yes, that's right.
>> okay. All in favor. That passes by unanimous vote.
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Last Modified:
Wednesday, September 19, 2007, 18:30 AM