Department: Housing and Community Development
Department Head/Elected Official: Thao Costis, Executive Director
Regular or Supplemental RCA: Regular RCA
Type of Request: Bonds
Project ID (if applicable): N/A
Vendor/Entity Legal Name (if applicable): N/A
MWDBE Contracted Goal (if applicable): N/A
MWDBE Current Participation (if applicable): N/A
Justification for 0% MWDBE Participation Goal: N/A - Goal not applicable to request
Request Summary (Agenda Caption):
title
Request for approval of an order, prepared by the County Attorney approving the assignment, from the Harris County Housing Finance Corporation (HCHFC) to the Texas Department of Housing and Community Affairs (TDHCA), of a $64,819,515 reservation for the issuance of qualified single-family mortgage revenue bonds, pursuant to Chapter 394.032(e) of the Texas Local Government Code, and Chapter 1372.044 of the Texas Government Code.
end
Background and Discussion:
The Harris County Housing Finance Corporation (“HCHFC”) was created by the Commissioners Court of Harris County, Texas on June 30, 1980, pursuant to the provisions of the Texas Housing Finance Corporations Act, as amended, Texas Local Government Code, Chapter 394. To address the critical demand for affordable housing as evidenced in the Kinder Institute 10-Year Housing Strategy, particularly improving opportunities for single-family homeownership in Harris County, and to improve access to single family mortgage lending coupled with down payment assistance, the HCHFC approved a resolution on June 20, 2024, to authorize the filing with the Texas Bond Review Board of an application in the maximum amount of $64,819,515, $61,260,326 with respect to qualified mortgage bonds, and the Texas Bond Review Board has issued a reservation of “State Ceiling” in connection with such Application for Reservation. Through the approval of the new issue and assignment to TDHCA, the HCHFC will have received and assigned $232,297,090 (in 2020 -24) to support low to moderate income families in the HCHFC Service Area achieve the dream of homeownership.
On July 19, 2023, HCHFC approved a resolution that (a) delegates to TDHCA HFC’s authority to issue bonds or mortgage credit certificates (“MCCs”) for the purposes specified above, pursuant to Section 394.032(e) of the Act, which provides that “a housing finance corporation may delegate to the Texas Department of Housing and Community Affairs the authority to act on its behalf in the financing, refinancing, acquisition, leasing, ownership, improvement, and disposal of home mortgages or residential developments, within and outside the jurisdiction of the housing finance corporation, including its authority to issue bonds for those purposes,” and (b) assigns the Reservation to TDHCA, pursuant to Section 1372.044 of the Texas Government Code. As of March 1, 2024, 483 single family mortgages totaling $116,426,591 have been issued in the HCHFC Service Area.
Previously, on August 8, 2023, Commissioners Court approved an Order, prepared by the County Attorney approving the assignment, from the Harris County Housing Finance Corporation (HCHFC) to the Texas Department of Housing and Community Affairs (TDHCA), of a $61,260,326 reservation for the issuance of qualified single-family mortgage revenue bonds, pursuant to Chapter 394.032(e) of the Texas Local Government Code, and Chapter 1372.044 of the Texas Government Code. On September 27, 2022, Commissioners Court approved an Order, prepared by the County Attorney approving the assignment, from the Harris County Housing Finance Corporation (HCHFC) to the Texas Department of Housing and Community Affairs (TDHCA), of a $55,217,249 reservation for the issuance of qualified single-family mortgage revenue bonds, pursuant to Chapter 394.032(e) of the Texas Local Government Code, and Chapter 1372.044 of the Texas Government Code.
On July 28, 2020, Commissioners Court approved an Order, prepared by the County Attorney approving the assignment, from the Harris County Housing Finance Corporation (HCHFC) to the Texas Department of Housing and Community Affairs (TDHCA), of a $51,000,000 reservation for the issuance of qualified single-family mortgage revenue bonds, pursuant to Chapter 394.032(e) of the Texas Local Government Code, and Chapter 1372.044 of the Texas Government Code. In 2020, the HCHFC pioneered a single-family mortgage bonds initiative, for the first time in Texas history, based on the assignment of its single- family mortgage bonds reservation capacity, permissible under the Texas Housing Finance Corporations Act.
Expected Impact:
This order will allow the Harris County Housing Finance Corporation to enter into a bonds assignment agreement with TDHCA to issue bonds or mortgage credit certificates on behalf of HCHFC.
Alternative Options:
The bonds assignment agreement will not go forward and deny the opportunity of Harris County residents to apply for this single-family mortgage program.
Alignment with Goal(s):
_ Justice and Safety
_x Economic Opportunity
x_ Housing
_ Public Health
_ Transportation
_ Flooding
_ Environment
_ Governance and Customer Service
Prior Court Action (if any):
|
Date |
Agenda Item # |
Action Taken |
|
8/8/2023 |
155 |
Approval of an Order, prepared by the County Attorney approving the assignment, from the Harris County Housing Finance Corporation (HCHFC) to the Texas Department of Housing and Community Affairs (TDHCA), of a $55,217,249 reservation for the issuance of qualified single-family mortgage revenue bonds, pursuant to Chapter 394.032(e) of the Texas Local Government Code, and Chapter 1372.044 of the Texas Government Code. |
|
9/27/2022 |
172 |
Approval of an Order, prepared by the County Attorney approving the assignment, from the Harris County Housing Finance Corporation (HCHFC) to the Texas Department of Housing and Community Affairs (TDHCA), of a $55,217,249 reservation for the issuance of qualified single-family mortgage revenue bonds, pursuant to Chapter 394.032(e) of the Texas Local Government Code, and Chapter 1372.044 of the Texas Government Code. |
|
7/28/2020 |
|
Approval of an Order, prepared by the County Attorney approving the assignment, from the Harris County Housing Finance Corporation (HCHFC) to the Texas Department of Housing and Community Affairs (TDHCA), of a $51,000,000 reservation for the issuance of qualified single-family mortgage revenue bonds, pursuant to Chapter 394.032(e) of the Texas Local Government Code, and Chapter 1372.044 of the Texas Government Code. |
Location:
Address (if applicable):
Precinct(s): Countywide
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Anticipated Court Date: August 6, 2024
Anticipated Implementation Date (if different from Court date): N/A
Emergency/Disaster Recovery Note: Not an emergency, disaster, or COVID-19 related item
Contact(s) name, title, department: Rene Martinez, Executive Director, Harris County Housing Finance Corporation.
Attachments (if applicable): Assignment Agreement