Travis County Commissioners Court
October 16, 2007
Housing Finance Corporation
Now let's call to order the Travis County housing finance corporation, three items, the first of which is number one, consider and take appropriate action on request to approve minutes of board of directors meetings of July 31st, August 7 and August 28th, 2007.
>> move approval.
>> second.
>> all in favor? That passes by unanimous vote. Number 2 is to approve the request of the hunt club apartments audit.
>> on October fourth, 2007, staff initiated a cliens compliance audit of hunt club apartments. It is a 384 unit apartment development located on 3101 shoreline drive in northwest Travis County. The audit focus odd requirements of the regulatory agreements that were set forth on December 1st, 1985. Specifically we really tested for the 20% requirement that it be leased out to low income eligible tenants. A sample of 28 tenant files were reviewed and found that they were both accurate and complete in accordance with the regulatory agreement. Overall the development itself appeared to be in pretty good condition. Management did express to staff that they were about to do redevelopment, multi-million-dollar redevelopment, which included painting, doing landscaping and more importantly they were going to go in and replace all of the appliances in all the units. So it's a pretty significant redevelopment they're doing of the project. Overall staff recommend the approval of both the audit report and the audit letter which will be be sent to management.
>> move approval.
>> second.
>> discussion? All in favor? That passes by unanimous vote. Number 3 is to consider and take appropriate action on request to consent to transfer of partnership management membership property management and certain other related rights and interests of southwest housing development company, inc. And bryan and sheryl potensnik related to old manor apartments now known as rosemont at hidden creek to cascade affordable housing llc and its affiliates. What's this about? Everything the agenda says?
>> yes, sir. I'm harvey Davis, manager for the corporation. And the corporation issued $13,400,000 in bonds for the construction of these apartments that are locate odd highway 290 near manor. These were issued in July of 2004. This request is similar to the request that was on the agenda a couple of week ago with heatherwild. They are asking to replace the general partner. Southwest housing and bryan potensnik is head of southwest housing out of dallas, and they are essentially disposing of all their apartments in Texas, arizona because of unfortunate situation with that organization. And cascade affordable housing is purchasing these apartments. The southwest housing will have -- once this transaction is completed, they will have no involvement or interest in these properties. We feel it's a positive thing that cascade would conclude the new general partner. Cascade is, like I had explained, with heatherwild, cascade is located in the state of washington and does have a track record of managing affordable housing projects and they would be suitable for this project.
>> so cascade has other housing in this area?
>> this -- no, not in this area. This will be their first acquisition in Texas. But they have other properties.
>> and they are acquiring 53 properties from southwest housing in the state of Texas, so they will be be coming in with a significant presence as soon as this transaction is funded.
>> the unfortunate circumstances are the ones that were reported in the newspaper? Did it also involve the city of dallas officials?
>> yes.
>> okay. Questions? Comments?
>> move approval.
>> this is a good thing as far as we know.
>> as far as we know, yes. Cascade has -- as far as we can tell has a clean, upstanding back be ground.
>> that's why I second the motion. Discussion? All in favor? Show Commissioners eckhardt, Gomez, Daugherty and yours truly voting in favor.
>> I'm going to abstain on this one.
>> Commissioner Davis abstaining. Thank you very much.
>> move adjourn.
>> second.
>> all in favor? That passes by unanimous vote also.
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Last Modified:
Wednesday, October 17, 2007, 18:30 AM