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Video-1: youtube.com/watch?v=Xn6uRPHezQM

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Good morning. Welcome to the June 11th Tarant County Housing Finance Corporation meeting. I now call the meeting to order. I see that we have a quorum with four. Uh Commissioner Miles will not be here

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today. He is at a funeral. So, do we have a motion to approve the minutes from November 11th? >> Approval. >> Second. >> We have a motion, a second on that. All in favor, please raise your hand. All right. Passes unanimously. Next, we have consideration the adoption of the Tarant

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County Investment Policy. Is uh Kim here? Kim, do you have anything you want to present? Anybody have any questions for Kim? >> Okay. >> All right. We have a motion. We have a second. Any discussion? All right. Please raise your hand if

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you're in favor. Passes unanimously. Next is consideration receive and file the Tarant County Housing Finance Corporation financial statements for the period endings September 30th, December 31st, and March 31st. I'll move to approve. >> Second. >> We have a motion to second. Any discussion there?

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>> Yes. I have a question for Kim. So, the funds that were in the precinct to Plains Capital CD, they were moved to text pool, right? Um, I can't tell you that off the top of my head, but that's typically what we

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do. Um, it could be consolidated. I can I can follow up to make sure. >> Okay. Yeah, because it it should have been moved into a text pool sub account for precinct 2. So, >> uh, but we can we can talk about it. >> Okay.

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>> So, hang on just a second. Money. [snorts] This board voted to move that stuff into the text pool is what this board voted for. Not somebody doesn't have the ability to say, "No, I want mine to go over here." That's not how this works. This this board voted to

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move all the money into the tax pool. Did we not? >> Well, that was as as things mature, right? That is what we discussed. >> Yes. One person doesn't control these funds. This is a board vote. >> Yes. Okay. That's what we decided

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about a year ago, >> right? >> So, my question doesn't it doesn't have to do with that. It it it's where it was placed. Was it placed in a sub account?

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>> It doesn't appear to yet. And um and that's something we can talk about whether it's necessary to have sub accounts anymore. >> Okay. >> Since we're moving it all into either >> the school or consolidate depending on the interest

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rate for the >> Okay. >> Because we had them in sub accounts so they could be tracked separately with interest. Correct. >> Uh [snorts] that that was the process in the prior report because they wanted to

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identify what funds they had by prece. I'm not sure that's I that's what we [snorts] discussed a year ago. Correct me if I'm wrong, Judge, but just moving to one text pool al together not necessarily identifying it by

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>> correct because we had these things in what I think at one time was something like 20 plus accounts >> that never got monitored by anyone's staff prior to anybody on this court arriving uh then we ultimately took a

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vote to take all this money as it matured put it into the text pool >> okay so but if you if I look at the statements. I see that precinct three has a sub account. So that was under fixing all of that. >> Yes. Okay. >> That was under Ficus. >> Okay.

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>> Well, I like that one. Let's keep that one. [laughter] >> All right. Any other questions on this? All right. We have a motion, a second to receive and file. All in favor, raise your hand. All right. Passes unanimously. Next up is consideration to

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approve the release of depository collateral. >> Move approval. >> Second. >> All right. We have a motion, a second on this item. Any discussion here? All right. All in favor raise your hand. Passes unanimously. Next we have approval of the 2026 Tala Duos. Move to

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approve. >> Second. >> Have a motion to second. Any discussion on this? >> Is there usually a list of staff names that go along with this item? >> They're on there. >> Are they invoice? >> It's only invoice. [clears throat]

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>> Okay. Well, to be fair, I just got this packet. I'm not sure. We we just got it um Tuesday evening, so I've not had a chance to go through every inch of it. Um so, I'd like to talk about that at

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some point, how we can get this sooner. >> You want me to add? >> No. >> Nope. No. Thank you. [clears throat] >> Okay. Any other questions on this side? All right. All in favor, please raise your hand. Passes unanimously. Next up

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is discussion and consideration of a resolution regarding the submission of an application or applications for allocation of private activity bonds to the Texas Bond Review Board and declaration to reimburse expenditures with proceeds of future debt for Cobblestone Manor.

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>> Mr. Mr. Mr. President, members of the board, this is Bob Dance with Norton Rose Fullbride along with Bobby Clark, Kelly Hart Homeman, your co- bond council and Clare Lraps of Hilltop Securities, your financial adviser. This action item that you have before you is a preliminary action item. It's the

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first thing you're accustomed to seeing where they authorize the submission to the Texas Bond Review Board to get volume allocation to do their project. That does not commit you to issue the bonds at this point in time. That comes later on in the process. This particular project is one that you also visited

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with and closed the financing in December of 2025. >> So this is a supplemental allocation request for $10 million. Same property located at 8201 Sartane Drive in Fort Worth kind of at I30 and 820 if you will. And it's to rehab 220 units of the

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project itself. Looks like they're planning to spend a little better than $9.5 million on the rehab cost itself. So uh that's exactly what it is. It's a $10 million number. That's what they go to the Texas Bond Review Board for. If they're successful in getting that allocation, the bond issue, the tax

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exempt bond issue cannot exceed $10 million. But this is a supplement to go along with the roughly 25 million is 248.886 that they closed the last time around. But this is just again the the first step in the process should you elect to proceed on with the supplemental request on behalf of this

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that authorizes submission to the Bonview board both in 2026 which is what the expectation would be and also 2027. And with that I'm certainly happy to answer any questions. I'm sure Mr. Clark is his last straps. >> All right. Any questions or do we have a motion?

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>> I'll move for approval. >> All right. I'll second it. We have a motion and a second on this item. Any discussion? All right. Seeing none, uh, all in favor, raise your hand. Passes unanimously. Next up is discussion and consideration

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of a resolution regarding the submission of an application or applications for allocation of private activity bonds to the Texas Bond Review Board and declaration to reimburse expenditure with the proceeds of future debt for Elmwood Place Apartments. >> Mr. President, very similar to what you just considered, this is the preliminary action item for this particular project.

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It's a project that's going to be new construction uh located at 7124 Anderson Boulevard which is kind of in that same general area I30 and 820 for all practical purposes. Uh it's 270 units they're looking to build. The request for the allocation is $45 million $50

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million excuse me. uh they expect to you know proceed with this and get the allocation and if they do and are successful in that process they'll come back to you with financing requests probably sometimes towards the latter part of this third quarter or fourth quarter. They're expecting to try to get this done this year if they can.

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>> Okay. >> All right. Any other questions, comments or motion here? >> I'll move for approval. >> All right. I'll second it. Any discussion? All right. All in favor raise your hand. passes unanimously. Next

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is the longest written agenda item I've ever read. Discussion and consideration of a resolution authorizing the issuance of Tarant County Housing Finance Corporation Multif Family Housing Revenue Bonds, Evans and Rosedale Urban Village Series 2026 and a bunch of other stuff.

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>> All right, >> fair enough, Mr. President. And and this one is a little bit different than what you had in the first two items. This one is the actual bond resolution authorizing the issuance of these bonds. This is a project you considered preliminarily some time ago. They're asking you now to authorize the issuance

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of up to $31 million worth of bonds for the Evans and Rosedale Urban Village project, if you will. That's located at 900 Evans Avenue in Fort Worth. Uh the new construction will be approximately 180 units. It be same kind of process as you typically have with low or moderate

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income people. Uh this particular transaction is a cash collateralized one. We've talked about that a little bit in the past where the bonds are always going to be secured by either unexpended bond proceeds or a combination of that with money in a collateral fund. So they're always going

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to be 100% cash collateralized. This particular project should you proceed with it was intended to go forward with the transaction actually have an anticipated closing date if they can make it of July the 16th. Straightforward process is as always these projects. there's no commitment on the part of the dollars of the county or

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this housing finance corporation other than to serve as the issuer, the conduit issuer for this and then let the f the bonds be paid from the project revenues themselves. So with that, I'm happy to answer any questions. We've got representatives from the developer here should you have any questions for them.

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But both Kelly Hart and Hilltop as well as we have gone through the project and we're ready to recommend you proceed if you're so inclined. >> All right, any questions or comments? >> Move approval. >> Second. All right, we have a motion and a second on this. Uh, with no discussion, all in favor, please raise

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your hand. Passes unanimously. Next is discussion and consideration of a resolution authorizing the filing of an application for reservation with the Texas Bond Review Board with respect to qualified mortgage bonds or mortgage credit certificates and containing other

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provisions related to the subject. Can you give us a little insight on this? >> Mr. President, I'll let Mr. Lapstrop tell you a little bit about this. This is what you've done in the past, but it's quick allocation to the TDHCA. But Claire, why don't you go ahead and outline for them? >> Hi guys, this is Claire Lrops with Hilltop Securities. Um, so this

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basically this is a partnership or program that you all have participated in over the last three years since 2023. You all have assigned volume cap in the amount of $90 million over to TDHCA. um which basically this is um an

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assignment program where you assign your volume cap over to TDHCA in order for them to issue single family bonds on basically on your behalf. And so instead of the heavy lift of um actually issuing your own single family bond program for first-time home buyers um receiving a

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low to moderate um mortgage rate uh and down payment assistance, TDHCA basically bears that brunt. And you all receive um a financial benefit of 4.75 basis points on any of the loans that are originated. And [snorts] so it's a great way to partner with the um state housing

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authority um in order to um further your single family initiative. And so this is last year you all approved um 45 million and this year they are recommending 45 million again. >> Okay, sounds good. >> It is second. >> I just say it is noteworthy know those

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loans have to be originated in Tarant County. >> Okay. >> All right. We have a motion and a second on this. Any you said the loans do have to be originated. >> Correct. >> That's correct. >> Gets out of that. >> Oh yeah. >> All right. Do we have any other discussion on this item? >> This program is incredible.

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>> All right. Seeing none, all in favor, please raise your hand. Passes unanimously. Next up, item 11, discussion and consideration of a resolution approving delegation of bond of bond issuance authority and assignment of private activity bond authority to Texas

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Department of Housing and Community Affairs authorizing the execution and delivery of an assignment agreement and containing other provisions. >> Mr. President, this is really related to what you just considered. So, this is the first item is go ahead and get the allocation. The second one is authorize the assignment of that allocation to TDHCA.

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Very similar to that. It's all one big part of the same process. >> Move approval. >> Second. >> All right. We have a motion, a second to approve. Any further discussion? >> Bob, question on this for you. Yes, sir. >> Um, >> so the the mortgage originators or the the finance companies that are participating in this program, are they

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selected or is it a a wide net and anybody's able to participate? >> Anybody's able to participate? >> Any lenders avail >> any lenders. So there's just it's a capacity that's available and they they they leverage off the TDHCA interactions with the lending community around the state. >> Yeah.

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>> When you do this particular allocation though, these have to be originated in Tarant County. >> Yeah. >> And the fee that you get from those loans that are originated is only for those loans that are originated in Tarant County. >> Now if if they're asking for 45 million and they want to do 60 million, that other 15 is going to come from some

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other capacity. They can get up to 45 of your allocation for Tarant County, but it's a statewide issuer, so they could get allocation from different spots. And they've got their own independent analysis and allocation to the Texas State Legislature for the TDHCA. >> And the lenders utilize the entire

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capacity that we authorized last year. >> That's the I think that's right. >> Did do >> um the the allocation that um each time that you assign over to TDHCA, they have three years to use it. And so in the last three years, um you all have assigned to 90 million and they have

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utilized 60% of that. So there's still more time to originate. Um but I think also what's great with these um partnerships is TDHCA will really when you focus on with a local HFC. They have marketing efforts. They have a whole team that is committed to um these

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housing finance corporation partnerships. I think there's about maybe 12 in the state that including you all that participate in this program of um assigning the volume cap over and I know that they're working hard on putting marketing material. You all can put it on your website if you have any lenders that you're interested in or um

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realators or anything that you can think of to get um you know the word out about this program. Um they are all ears and would be happy to assist in any way. >> Great. So they would be a resource for our county folks to put this information out. >> Absolutely. Yes. >> I I think that that's important. I mean,

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if we can utilize local lenders, local realtors on local projects, it just boosts our our ability to amplify what we're doing, especially since we're signing it down in the state, not operating it ourselves. >> Definitely. >> All right. Any other questions on this item? I we I believe we had a motion

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this second, did we not? >> Yep. Yeah. >> Yeah. Okay. With no further discussion, all in favor raise your hand. >> All right. Passes unanimously. Uh, next up item 12, consideration of a resolution authorizing a grant to the Greater Tarant Area Asthma 411 Consortium in support of providing

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emergency medication at Tarant County School Districts from Housing Finance Corporation accounts. Um, I'll tell you what this is. Uh, I asked for this to be on the agenda. I met with the folks that are part of this asthma uh

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uh consortium coalition from JPS, Cook Children's, where else they from? There's several of them. uh and they have this program where they put money into school

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districts for and they put asthma medicine and they they do it in they try to do it in every school in Tarant County in every school district. Uh it's they have asthma medicine in case there's an asthma break or issue where

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they don't have asthma medicine at school or the student doesn't have uh his asthma or her asthma medicine or doesn't know they have asthma. Sometimes that happens where there's an attack. [snorts] And then uh they also have Narcan and I believe they put one other

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medicine there. It's really inexpensive. It's about $75 to cover a school if I have my numbers correct, but the communicate should have it all, but I believe it's about a third of the schools in Tarant County do not have

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this. So, for $10,000, that would cover the rest of the schools. So, I thought in light of our legal opinion we got where and and I think you shared that opinion where this can be used for the health and betterment of the public.

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Uh that's why I place this on there. So, I would make a motion to approve it. >> Second. >> We have a motion, a second. Any discussion on it? Okay, seeing none, all in favor raise your hand. >> All right, passes unanimously. Uh, next

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we have public comments. Is there anyone from the public who would like to speak? All right, seeing none, we move to announcements and comments. Uh, I have one announcement comment and I guess

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there's no one here to actually deliver it to that I can tell. But what it was going to be was we made a motion and a second at the last housing finance corporation to have administration draft a policy for how we go about distributing money. Um they are working

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on that. Uh I will follow up with them to get something concrete to us and Commissioner Miles has asked that we schedule another meeting before a full quarter out. So we'll get with everybody on dates to schedule another meeting on an item that he wants to do. Uh any

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other announcements or comments? All right, seeing none, thank you all for being here. We are officially ajourned.