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Council creates framework to form Terrell Housing Finance Corporation
Summary
The council approved a resolution authorizing steps to form a Housing Finance Corporation under Texas law to support development of low- and moderate-income housing.
The Terrell City Council voted June 24 to approve a resolution authorizing the formation of a Housing Finance Corporation (HFC) under Chapter 394 of the Texas Local Government Code.
Denish Simon, Director of Housing, said a private developer approached the city about using an HFC as a financing tool to build low- and moderate-income housing. The corporation would function as a financing vehicle to support developers constructing affordable housing and to provide proceeds that the city could use to fund related local services.
Simon told council staff will file the documents required under Texas law if the council directs formation. Councilmember motions to approve Resolution No. 2234 passed by voice vote; the resolution authorizes the city manager and mayor to execute necessary documents to create the corporation and sets an effective date.
Simon cited Chapter 394 of the Texas Local Government Code as the statutory authority for housing finance corporations. Council did not discuss specific projects or dollar amounts at this meeting; staff will return with any project agreements or further instruments if and when developers seek bond financing through the HFC.
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