Travis County Commissioners Court

March 13, 2012 (Agenda)
Travis County Housing Finance Corporation

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>> > good afternoon, let's call to order the Travis County housing finance corporation.
item number 1 is a public hearing to receive comments regarding the corporation's multi-family housing revenue bonds, odyssey at crestview apartments, series 2012.

>> > move the public hearing be open.

>> > second.

>> > all in favor? That passes by unanimous vote.
with director Eckhardt absent.

>> > I would like to state that notice of the hearing was published in the statesman more than 14 days ago as required by the code.
I don't have any other comments unless anyone else does.

>> > anyone care to answer questions if anyone has any.

>> > generally speaking, what's this project about?

>> > this -- I'll let the christina lynn with the developer talk about it, but it's a standard rehab of an apartment complex in northwest Austin.
I'll let christina talk about it a little bit.

>> > our plan is to acquire the property and issue the new bonds and then under the i.r.s.
code we put in about $1.7 million.
we'll put in more than that, but that is required by the i.r.s.
we're going to rehab the interiors, the exteriors, landscaping, things like that that should hopefully improve the property and that area, be beneficial to the people around the area.
that's really what the plan is.
and then there will be some income requirements at the property that we spoke about last time so that we provide affordable housing to the community.

>> > okay.
just for the record, what kind of provisions are made for -- to ensure affordable housing?

>> > so there will be recorded on the deed and it will be 20% of the units will be rented to people who make 50 percent or less of median income.
then there is a second requirement that the hfa has put in that will be 50% of the units will be rented to people who make 80% of median income.
that's inclusive of the 20% at 50%.
and then the state requires 90% of the units to be rented to people who make 120 percent or less of median income.

>> > okay.
this is a public hearing.
pulled like to give comments during this public hearing, please come forward.
if you would like to give comments.

>> > move the public hearing be closed.

>> > second.

>> > all in favor? That passes by unanimous vote.
number two is the accompanying action item that is to consider and take appropriate action on resolution authorizing the issuance, sale and delivery of multi-family housing revenue bonds, argosy at crestview apartments, series 2012, approve am form and substance of and authorizing the execution and delivery of documents and instruments necessary to carry out the financing of such multi-family rental residential development and containing other provisions relating to the project.
our lawyers have been hard at work on that language.

>> [ laughter ]

>> > yes, sir.
this is just the resolution that approves the main financing documents and grants you as the president of the corporation and Commissioner Gomez as the secretary and any other required signatures to execute the required documents.
we have submitted the transcript to the attorney general's office for approval, which that approval would be required before we close as well.
if you've got any questions about the project -- I had all the documents delivered to you middle of last week if you have any questions on them.

>> > questions or comments, board members? Move approval.

>> > second.

>> > of all of 2.
seconded by director Gomez.
discussion on the motion? All in favor? That passes by unanimous vote.

>> > move adjourn.

>> > second.

>> > all in favor? That carries unanimously also.
thank y'all very much.

>> > thank y'all.

>> > so cliff, we have -- I'll have the original documents delivered to me?

>> > yes, sir.
I've got to get the signature package together.
I'll get it to you probably by in the morning.

>> > okay.
will do.

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