Travis County Commissioners Court
March 6, 2012 (Agenda)
Travis County Housing Finance Corporation
Now let's call to order the Travis County housing finance corporation.
item number 1, consider and take appropriate action on the following, a, invoice for external audit services for fiscal year 2011 from atchley associates and b, corporations management representation letter to outside auditor atchley and associates, llp.
good afternoon.
>> good afternoon, andrea in a shields, corporation's manager.
that invoice represents 80% of the total fee tore the corporations audit.
the remaining 20% will be invoiced I think after we submit that management representation letter which just says that we've provided them with everything they need to look at in order to complete the audit for all the corporations.
>> and who is that to your immediate left?
>> Karen, the new assistant manager for the corporation.
>> ms. Thigpen, how are you doing?
>> doing well, thank you.
>> so on item number 1 we need to pay the invoice.
>> approve payment for the invoice and approve the letter.
>> questions, comments?
>> move approval.
>> second.
>> motion to approve both, seconded by director Huber.
discussion on the motion?
all in favor?
that passes by unanimous vote.
b, consider and take appropriate action on the following, a, submission of letters to mountain ranch amounts, rosemont at heatherbend apartments, town vista apartments and rosemont at hidden creek apartments regarding the corporation's compliance annual and b, submission of four invoices totaling $2,000 for the property owners for staff's time.
>> we're in the process of getting caught up on our annual compliance audits and we've done four over the last month -- three weeks, month.
and just a brief sumization of what we found is there's recurring theme of confusion with the property managers between our regulatory compliance agreement and their agreement with tdhca in terms of income qualifications.
nothing that's life or death and can certainly be fixed going forward and we're in the process of dealing with the property managers and the regional compliance managers for all four properties to cure -- the main issue is properties are not reincome certifying on an annual basis so when tenants are signing originally says their income qualified, but they are not following up on an annual basis to make sure they are still in
>> [inaudible].
so we've suggested they go back I think six months previous files that have signed renewed leases and cure those and then we've also gotten agreements from the managers moving forward with new leases and renewals that they will start income qualifying on the annual basis.
>> miss shields, what penalties are you authorized to impose for noncompliance?
>> well, we've given them a cure date of 90 days.
so in 90 days we'll follow up with the properties and we're confident that everything will be fixed to our liking and we'll be able to move forward with our regulatory agreement at that point.
if that's not the case, then we'll have to reassess at that time, you know, what to do moving forward because if they are not in compliance with their regulatory agreement, you know, it can be a problem.
so but --
>> do they lose their tax exempt statues.
>> possibly, yeah.
-- status?
>> but they've all shown willingness.
>> exactly.
>> it was a basic fundamental misunderstanding of doing pending income certifications every year so it was not like they were willfully doing it, they were all willing and cooperative.
>> we're just looking for approval to send letters to the management notifying them of our findings and also to submit invoices of $500 apiece.
>> move approval.
>> the date of the letter that you are going to send out, that would be the beginning for the compliance period?
>> correct.
>> is that correct?
>> yes.
>> okay.
>> move approval.
>> second.
>> motion and second to approve.
a and b.
and does that $2,000 go to you and miss thigpen or the corporation's budget?
>> the corporation's budget.
>> speaking of confusion, I wanted to make sure there's no confusion about that.
>> none whatsoever.
>> discussion on the motion?
all in favor?
that passes by unanimous vote.
>> move we adjourn.
>> second.
>> all in favor?
that passes by unanimous vote.
The Closed Caption log for this Commissioners Court agenda item is provided by Travis County Internet Services. Since this file is derived from the Closed Captions created during live cablecasts, there are occasional spelling and grammatical errors. This Closed Caption log is not an official record the Commissioners Court Meeting and cannot be relied on for official purposes. For official records please contact the County Clerk at (512) 854-4722.
Subscribe for updates