Travis County Commissioners Court
May 27, 2008
Housing Finance Corporation
Good afternoon, let's call to order the Travis County housing finance corporation. We need to discuss item no. 2 in executive session under consultation with attorney exception to the open meetings act. And number 2 is consider and take appropriate action on request to responses of internal revenue of the lake would I apartment project multi-family housing revenue bonds series 2000 a, b and c. Again we will discuss this with our legal counsel under the consultation with -- legal counsel exception to the open meetings act. And we'll come back to court and take any action on number 2. we have been in executive session as the board of the Travis County housing finance corporation. We discussed item no. 2. Which involves an examination from the internal revenue service regarding lakeview apartment project multifamily housing revenue bonds. It's come to our attention that we probably need to retain outside legal counsel to represent us in this matter. One familiar with public finance as well as internal revenue. Examinations. So let's take another week to do that. Get some additional information and try to make a selection next week. Our understanding is that we will need to request an extension to provide the requested information anyway. So if we could discuss that next week, also, it would be good.
>> okay.
>> we don't anticipate that there is a big issue if somebody is watching this and thought uh-oh, what's going on? I mean we don't really think there is an issue.
>> that's correct.
>> there are several things that need to take place.
>> this is a routine, random audit, there's no reason to believe there is any real issue with that transaction.
>> none of us bold enough to want to take on this task.
>> that's correct.
>> let's put that on, too. 1. Consider and take appropriate action on request to approve plan to advertise and select a consultant for the Texas department of housing and community affairs grant for homebuyer assistance.
>> good afternoon, I’m harvey Davis, manager for the corporation. Earlier this month, the Texas department of housing and community affairs awarded the corporation a $312,000 grant for -- for down payment assistance for first-time home buyers. This grant will provide assistance to -- to $8,600 per family for 40 families. And as -- it's because of -- a portion of the grant funds will be used to pay the fee of our consultant, then we are required to do an r.f.p. In order to hire the consultant. So the -- the plan that I’ve outlined in -- in my backup is -- is virtually the same plan that we have done on several occasions in the past when we've had these grants. The -- the -- we put the -- we published the r.f.p. In the Austin chronicle and that's -- that's done through the purchasing office and we have a committee that I’m recommending which consists of myself, mary mays, chris
>> [indiscernible] and mike gonzalez to evaluate the respondents and we are required to send the r.f.p. To at least three consultants that we -- that we know that -- that -- have the capabilities of provided the service. Basically the consultant is the person that will -- that will evaluate the perspective home buyer and tell us that they -- yes, they qualify under the rules of the state and h.u.d. To -- to be a qualified first-time home buyer income-wise, mainly income wise. That they are truly a first-time home buyer. So -- so we would -- once we have received the responses, I think that the deadline would be June 20th, then we would come back and -- with the recommendation of who to hire.
>> questions? Move approval?
>> second.
>> any more discussion? All in favor? That passes by unanimous vote. Number 3, by the way, two will be back on the agenda next week. 3. Consider and take appropriate action on request to appoint u.s. Bank national association as successor trustee for the fort branch landing multifamily housing revenue bonds, series 2000.
>> and this -- this is a -- this is a request by the owners of the apartment to change trustees. This is -- from what I can tell is a cost saving move on their part. They -- they are involved in many apartment complexes and they are putting all their transactions with one trustee, u.s. Bank, and I’m recommending that -- that the board approve of the change of the trustee from bank of new york to u.s. Bank and -- and -- and bank of new york has done a fine job on this transaction and many other transactions. But because the -- the owner is paying the fees and -- and we also have a good relationship with u.s. Bank on other transactions and I see no reason why not to -- to approve the transaction and make that recommendation to the board.
>> move approval.
>> second.
>> discussion? All in favor? That passes by unanimous vote.
>> move adjourn.
>> second.
>> all in favor? That carries unanimously, also.
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Last Modified:
Wednesday, May 28, 2008 8:51 PM