AGENDA CAPTION:
Title
Consider approval of Resolution 2024-186R, approving the assignment by the Capital Area Housing Finance Corporation of private activity bond authority to the Texas Department of Housing and Community Affairs for the purpose of financing single family home mortgages; and containing other provisions relating to the subject.
Body
Meeting date: September 17, 2024
Department: City Clerk’s Office
Amount & Source of Funding
Funds Required: N/A
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Background Information:
The City is a sponsoring entity of the Capital Area Housing Finance Corporation which is created to facilitate the development of affordable workforce housing in central Texas, including in San Marcos. The corporation’s projects are funded by various mechanisms including private activity bonds.
The 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. This allocation will be assigned to the Texas Department of Housing and Community Affairs to provide a means of financing single family home mortgages.
Neither the City nor the corporation assume any liability for payment of any bonds under this program.
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