AGENDA CAPTION:
Title
Consider approval of Resolution 2023-144R, approving the assignment of private activity bond authority to the Texas Department of Housing and Community Affairs; and containing other provisions relating to the subject; authorizing the mayor to execute the appropriate documents; and providing an effective date.
Body
Meeting date: September 5, 2023
Department: City Clerk’s Office
Amount & Source of Funding
Funds Required: N/A
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Funds Available: Click or tap here to enter text.
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Fiscal Note:
Prior Council Action: N/A
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Quality of Life & Sense of Place
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Vision San Marcos - A River Runs Through Us
Background Information:
The Capital Area Housing Finance Corporation has applied to the Texas Bond Review Board for an allocation of private activity bond volume cap to facilitate a single-family mortgage origination program.
The Corporation intends to assign the Volume Cap Allocation to the Texas Department of Housing and Community Affairs ( "TDHCA") in connection with TDHCA' s single family mortgage revenue bond programs.
The Volume Cap Allocation, once assigned, will be used to provide a means of financing
single family home mortgages for residents in the Corporation 's jurisdiction.
Pursuant to the provisions of Section 1372.044 of the Texas Government Code (the "Act") ,
the City of San Marcos, as a sponsoring political subdivision of the Corporation, must approve of the assignment of the Volume Cap Allocation by the Corporation to TDHCA.
Accordingly, the Corporation is asking the City Council of the City of San Marcos to pass the attached authorizing Resolution.
Any bonds issued by TDHCA will be special limited obligations of TDHCA and neither the City, nor the Corporation will be liable in any manner for the payment of such bonds.
Council Committee, Board/Commission Action:
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