Travis County Commissioners Court
July 29, 2008
Travis County Housing Finance Corporation
Now let's call to order the Travis County housing finance corporation 1. Consider and take appropriate action on request to approve minutes for board of directors meetings of April 22, April 29, may 20, may 27, June 3 and June 10, 2008.
>> move approval.
>> second.
>> discussion? All in favor? That passes by unanimous vote. With director eckhardt absent for this meeting. 2. Consider and take appropriate action on request to approve home homebuyer assistance contract no. 1000938 with the Texas department of housing and community affairs.
>> good morning, my name is mike gonzalez, senior financial analyst for the corporation. The item before you is a -- our continuing effort to seek and provide more affordable housing in Travis County. Back in January of this year y'all charged staff to submit a grant application with the Texas department of housing and community affairs for the purpose of creating a down payment assistance program. We were successful in getting the grant so today we are here to actually approve the contract with Texas department of housing and community affairs and to authorize president Biscoe to execute the contract. The grant we received from the state was $312,000. The corporation will have matching funds of $37,500. So the total program is $349,500. This will provide 40 loans to families at or below 08% of the Austin -- 80% of the Austin median family income. The loans would be of $8,325, that can be used to cover their down payment and closing costs when they purchase a home. Also another thing to note is instead of it being forgivable over 10 years, it's going to be forgivable over five years, a little bit shorter period. The corporation is also going to -- designate a $50,000 as a revolving cash, we will get reimbursed from the state as loans get made. Cliff blunt has reviewed the contract and we recommend approval.
>> move approval.
>> second.
>> congratulations to you and mr. Davis for doing such a fine job, appreciate it. This will be a great benefit to 40 households in Travis County.
>> absolutely.
>> yeah, sure.
>> discussion? All in favor? That passes by unanimous vote.
>> move adjourn.
>> second.
>> all in favor? That passes unanimously, also
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Last Modified:
Tuesday, July 29, 2008 2:51 PM