Consider action to support the Rowlett Housing Finance Corporation's Application for Reservation with the Texas Bond Review Board. Consider action to adopt a resolution supporting the Rowlett Housing Finance Corporation’s Application for Reservation with the Texas Bond Review Board for a private activity bond volume cap reservation of up to $4,000,000 of qualified mortgage revenue bonds and assign

Staff Report & Agenda Item Details

The Rowlett Housing Finance Corporation (HFC) is requesting City Council consensus to approve a resolution that would afford them the ability to apply for a reservation of private activity bonds from the Texas Bond Review Board and then assign those bonds to the Texas Department of Housing and Community Affairs (TDHCA). The TDHCA would distribute these funds as below market mortgages to qualified homebuyers through their network of approved lenders. The HFC is requesting a bond volume cap for single-family development in the amount not to exceed $4,000,000.

This motion is scored as EXPANDS_GOVERNMENT (Impact Weight: 9.3/10). Under the Bastiat Liberty Watchdog Index, measures that increase tax rates or fee schedules, issue new debt or Certificates of Obligation, expand regulatory/zoning restrictions on private land use, or authorize unbudgeted spending expansions reduce an official's Freedom Score when voted YES (and reward dissenting NO votes).