Travis County Commissioners Court
Tuesday, March 29, 2011,
Travis County Housing Finance Corporation
Now let's call to order the Travis County Housing Finance Corporation.
one item.
to consider and take appropriate aches on resolution approving interlocal agreement with capital area housing finance corporation, regarding proof financing by capital area hfc for allegra point project, 184 units new construction family project located at ih 35 and fleisher road.
fleischer, road in the wells branch area of Travis County and expressing support for allegra point.
>> good afternoon, judge.
mike gonzalez, senior financial analyst for the corporation.
capital area housing finance corporation and the partners are requesting consent from the corporations for loan proposed by the capital area and allegra to fund a portion of the acquisition for a multiunit development located just off 35 just north of wells branch.
it's pretty much a courtesy and part of the application process for the state to come before the board to request this consent.
we do have our entire team here ready to answer any questions this you may have on the item.
>> why is this a good deal for Travis County residents?
or is it?
>> jim shaw here is going to tell you exactly why this is the best deal.
>> good afternoon, I'm jim shaw, executive director of capital area.
good so see you all again.
these loans are call local political subdivision loans are part of the scoring process for these projects.
we have done two other loans of this nature in hays county.
he builds a quality product and we do these loans all over the state.
this is one way we can help create the housing opportunities we need in the state.
what we do as part of our process, if we are going do one of these loans in a yir outside of our nine county service area as a courtesy, we obviously want to go to the local ee elected officials and make sure number one that they support that project.
that is kind of the same political courtesy we would hope that we would be extended.
in the last year we have done about $7 million of these and have helped put 938 units on the ground throughout the state.
there is ranging from uvaldi to ranger Texas to dallas fort earth --worth.
we believe this is a quality project.
in order to get the project to score high and be awarded, the process is to get letters of support from the state elected officials, who normally won't give those without local support.
obviously we believe it's a quality project and the kind of quality workforce housing that we need throughout the region.
and we have vetted the project and our organization is prepared to make the loan.
one of the organizations around the state that can put the program together.
not every organization has the ability to loan 900,000 or a billion in one of these projects particularly with these economic times.
that is why we are here.
we have this document, inter locally agreement.
we have worked with mr. Blont on that.
that does not obligation the county financially or legally regarding the loan.
it's merely an acknowledgment that we will be making the loan to help make the project happen.
>> in answer to your question, it essentially increases the affordable housing in Travis County.
and that is the benefit to Travis County.
>> affordable housing mean what?
normally when we deal with these situations we always make sure that we have a set aside for some of the rental units where it is affordable to residents in Travis County, not all, I guess.
sometimes it's kind of a mixed type situation as far as affordability.
>> I believe it's 30, 40, 60 percent.
>> wait, wait.
everybody is talking at the same time.
come up here and explain the breakdown to the public.
what we normally have is an array of affordable units made according to income for some of the individuals.
could you maybe--
>> yes, I'm here with m group development, developing the project.
allegra point is mixed income, 95 percent set aside for 60 percent or less of the area median income.
ten percent of the entire project is set aside for 30 percent or less of the area media income.
and 35 percent of the project is set aside for 50 percent or less of the area median income.
we have 30 percent units, 50 percent units, 60 percent, very small portion at market rates, those for staff and a few that maybe qualify.
>> okay.
>> move approval.
>> second.
>> discussion on the motion?
anything we should note know, mr. Blont?
>> it's clear in the document that Travis County housing finance corporation is not committing to loan any funds.
purely consent to capital area making the loan to this project.
>> consent, a pat on the back and a keep on keeping on.
>> yes, sir.
>> although that may not be in the agreement.
>> that is in this motion, though.
all in favor.
that passes by unanimous vote.
congratulationss to you.
>> thank you all.
>> all in favor.
that carries unanimously.
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