Travis County Commissioners Court
September 29, 2009,
Travis County Housing Finance Corporation
Now let's call to order the Travis County housing finance corporation.
one item.
consider and take appropriate action on request to approve and execute a Texas neighborhoods stabilization program contract with the Texas department of housing and communities affairs.
>> mike gonzales, financial analyst was corporation.
i'm hear with harvey Davis.
we're here to request approve Texas neighborhood stabilization program contract with the Texas department of housing unmount affairs.
the deadline is October 2nd.
as you may recall on April 14, 2009, the board authorized us to submit a nsp application to the state.
one thing we would like to note is that the original application that was made to the state was for $1.3 million to assist 48 households, four below 50% median income and 44 households between 51 and 120.
when the contract was being drafted, we visited with the state and they made a request to -- for us to do any revisions that we might anticipate.
we had a little bit more familiarity with the program.
we did make one adjustment.
the funding levels stayed the same, but we shifted more assistance to help households below 50%.
so that did change the mix of households so now we would help -- anticipate helping out households below 50%ami.
the contract period is September 1, 2009 through November 30, 2010.
it is a pretty accelerated program.
the program itself we must have all the funds obligated by February 2010.
and completely expended by November 2010.
we do have our attorney cliff blunt here.
given the time line here, we want to be sure that we address any contract issues that may arise.
essentially the contract would have to be back to the state by Friday.
>> if anyone wanted to -- I think this is great.
it's a great housing initiative using this particular moneys coming in from the state from the federal government to assist those that are in dire need of housing and these basically are on foreclosed properties, I'm assuming.
is that correct?
>> that's correct.
the goal of the program is to help stabilize neighborhoods that were facing high rates of foreclosures so there are some specific targeted neighborhoods that this program could be used in.
>> right.
is there any way possible to -- if a person is interested in participating in this program, they are looking at this today and they may have questions about this, is there any way how they would go about looking to determine where -- what specific homes all within that foreclosure stylus and would qualify for this particular program just in case they are interested in maybe pursuing this particular program?
>> we have marked the material as well as we're developing a website that has all the income limits for households to be able to qualify.
and more importantly, also have all the properties or the specific neighborhoods actually listed out so any property that's foreclosed on there, the individuals will know that they -- this specific neighborhood does qualify for that.
our goal is to have eventual on websites links to banks that currently have reo properties that are available that would fit this program.
so that is our goal to make it as easy as possible.
>> so the link between you and the financial institution, which is the banks, would basically be the avenue a person would have to travel to figure out what -- how the foreclosure and would qualify for this program.
is that correct?
>> part of the "-the household interested in it would have to seek a professional or real estate brokeer to help them acquire or just search for the properties.
>> okay.
>> but the Travis County staff will actually be working as an individual's realtor.
they would have to have their own realtor and their own lender to help them identify the properties that are available.
but we are -- we're going to make it as easy as possible for lenders and realtors to know exactly what the program requirements are so they are going to be more than happy to use this program.
>> what I was trying to do maybe is also make it easier on those persons that are seeking affordable housing through the foreclosure route in make it -- you know, as easy as possible for them to proceed and to acquire that property.
and I heard what you are saying, but -- and I guess my question is this.
if there are avenues that can be bypassed to get to the end product of acquiring a foreclosured property for the persons that qualify, my question still comes to you as how could they deal with you, Travis County, to acquire that?
>> I think individuals interested will contact staff.
staff will be able to tell them exactly what areas do qualify.
and the only issue with foreclosured property is maintain a current and accurate list.
so we will make property lists available that has the addresses and the general prices on there.
but ultimately they would have to seek a real estate professional to help them acquire --
>> I understand that.
>> but with the list they will get a good idea what's available in an area.
>> I'm pretty sure the person trying to acquire this would, first of all, see the property and see what it looked like.
if it's a foreclosed property, sit really what they want.
that's what I'm driving at is just what I said.
>> right, and again, this program offers a financing mechanism for that and we are going to do pretty extensive marketing campaign to make people aware within these areas, you know, which properties are available.
so there is definitely going to be outreach for households and local employers.
>> okay.
thank you.
>> move approval.
>> second.
>> discussion?
all in favor?
that passes by unanimous vote.
>> move we adjourn.
>> second.
>> all in favor?
that carries unanimously also.
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Last Modified:
Tuesday, September 29, 2009 1:30 PM
