Department: Management and Budget
Department Head/Elected Official: Daniel Ramos, Executive Director
Regular or Supplemental RCA: Regular RCA
Type of Request: Policy
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 the Harris County Investment Policy that has been prepared in accordance with the Public Funds Investment Act.
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Background and Discussion:
The following proposed changes have been updated on the Harris County Investment Policy to be effective April 1, 2024:
* Section 7.01 Socially Responsible Investing - Revised - "The County will seek to invest, to the extent that a reasonable spread can be earned over comparable maturity Treasuries, in Fannie Mae and Freddie Mac debt obligations "providing a stable source of liquidity to support low- and moderate-income mortgage borrowers and renters by enabling greater access to affordable home and rental housing finance in all markets and at all times," as well as Federal Home Loan Bank obligations, which provide liquidity to member banks to finance housing and economic development activities. The County will also seek investment in debt obligations from the Federal Farm Credit Bank System which provides affordable credit to agricultural businesses in the U.S. In addition, the County shall consider investment in municipal bonds geared toward low-income or affordable housing, and/or serving a county listed on the Federal Financial Institutions Examination Council's (FFIEC) underserved or distressed areas, https://www.ffiec.gov/cra/pdf/2021distressedorunderservedtracts.pdf, or bonds of a school district issuer with 50% or more of students eligible for free or reduced lunch. It is understood that the County may not have continual or regul...
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