Travis County Commissioners Court
October 30, 2007
Travis County Housing Finance Corporation
Now let's call to order the Travis County housing finance corporation. Item number be 1 is to consider and take appropriate action on request to reimburse five families for their home buyer education expense.
>> good afternoon I'm harvey Davis, manager for the corporation, be and this request is for an expense of $375 to reimburse five home buyers who have purchased a home using our program. And the program design does provide that these home buyers would be reimbursed the home buyer education expense, which was $75 each. And I do represent that these home buyers have close odd their homes and they have paid the $75 and would be due the reimbursement.
>> move approval.
>> second.
>> discussion? All in favor? That passes by unanimous vote. Number 2 to consider and take appropriate action on request to approve letter to the Texas department of housing and community affairs that requests changes to the program design for the home buyer assistance program grant.
>> this is for our current grant that ends October 31st, 2008, one year from now. And the letter asks for an amendment to our contract to allow us to close on 12 families whose income is below 80% of the Austin area median family income. The contract allows us to only close on five at that level. The total amount of the contract is 25 families, 25 forgivable loans, so right now five are at 80% and 20 are at 60%. So we're attempting to -- we're asking the state to allow to us do 12 instead of five. And of course the reason is that it's easier to provide assistance to a family at 80% instead of 60%. It's very difficult in Austin for a family at 60% to be able to qualify and purchase a home, especially in the new environment that we're in as far as tougher standards and qualifying people to buy a home. Currently on this contract we have closed on nine homes, the five at 80% and we've closed on four for families whose incumbents below 60%. And just to give you an indication, a single person at 60% Austin area median family income, that would be $29,980 or a family of four is $42,560. And 80% a single person's income has to be below 39,850. For a family of four it is $56,900.
>> so we don't hold out any hope of being able to find additional families at the 60% level?
>> well, we've closed on four and this program has gone on for about nine months. So I would think we would probably be able to close on another six, seven or eight families, but not -- the remaining contracts that we have -- we have assistance to provide for 12 more families. I don't believe we could do the 12. I'm sorry, 16, not 12.
>> we've got 16. Now, what are we asking?
>> we're asking that seven of the 16 be for families below 80%. Of the remaining 16, seven would be for families below 80%.
>> that leaves nine below 60 percent.
>> yes. And that will be a challenge.
>> okay.
>> if we do have the contract amended, if we do find against probability, but if we do find more potential home buyers who have a 60 percent or below average income, we can qualify just because of the break dowfnlt we could have a 60 percent person in an 80 percent slot and that wouldn't an problem?
>> that wouldn't be a problem, no. But I can tell you that from our experience the 80%, they go out really fast. It's fairly easy to find the 80% people.
>> would you still be be giving preference to those who are 60 percent if we can work them?
>> well, the program design is first come, first serve.
>> ofnlght.
>> so the answer I guess is really no.
>> we have reason to believe that the state will seriously entertain a request of this nature?
>> yes. We made a similar request early this year on our old contract, which they approved. It took them a long time to do it. So that's why we're putting this request in early because it takes several months for them to --
>> I've always seen you as a man of foresight and vision, mr. Davis. That reinforces it. Any more questions? All in favor? I mean, move approval.
>> second.
>> we need a motion, right? All in favor? That passes by unanimous vote.
>> move to adjourn.
>> second.
>> all in favor? That passes by unanimous vote too.
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Last Modified:
Wednesday, October 31, 2007, 18:30 AM