Boost for Austin Home Mortgages
- The city approved a resolution to facilitate new residential mortgage loans for Austin residents.
- This authorized the Travis County and Austin Housing Finance Corporations to originate these loans within the city limits.
- The council greenlit an application for over $28.8 million in state private activity bond authority to fund this mortgage program.
- This initiative aimed to expand access to home ownership opportunities through the 1994 Residential Mortgage Bond Purchase Program.
Full Transcript
USI FOUNDER 1839 Austin City Council MINUTES SPECIAL MEETING 1:00 Ρ.Μ. - January 10, 1994 Mayor Todd called to order the special called meeting of the Council, noting the absence of Mayor Pro Tem Urdy, Councilmembers Reynolds and Shea. The Mayor announced the Council vas convened for the following purpose: Approve a resolution authorizing the Travis County Housing Finance Corporation (TCHFC), in cooperation with the Austin Housing Finance Corporation (AHFC), to originate mortgage loans within the corporate limits of the City of Austin under TCHFC's proposed 1994 Residential Mortgage Bond Purchase Program, and to file an application for allocation of Private Activity Bond Authority with the Texas Bond Review Board in the amount of $28,820,350. Motion The resolution was adopted, on Councilmember Garcia's motion, Councilmember Nofziger's second, 4-0 Vote, Mayor Pro Tem Urdy, Councilmembers Reynolds and Shea absent. ADJOURNMENT The meeting was adjourned at 1:22 P.M., on Councilmember Nofziger's motion, Councilmember Garcia's second, 4-0 Vote, Mayor Pro Tem Urdy, Councilmember Reynolds and Shea absent. MINUTES 1 JANUARY 10, 1994 ப