El Paso Commissioners approve steps to form county Housing Finance Corporation
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Summary
After months of preparatory work, the Commissioners Court approved statutory steps to form an El Paso County Housing Finance Corporation under Texas Government Code chapter 394, designating incorporators and adopting bylaws to allow the nonprofit instrumentality to begin organizing.
El Paso County Commissioners on Monday approved a package of resolutions and documents to begin incorporating the El Paso County Housing Finance Corporation, a nonprofit public instrumentality authorized under Texas Government Code chapter 394 to finance residential ownership and development.
The court voted to accept a written application to incorporate the entity, designate County Judge Ricardo Samaniego, Commissioner Eliana Olguin and Chief Administrator Betsy Keller as the three incorporators required by statute and to file articles of incorporation and the proposed bylaws. Anna Schumacher, assistant county attorney, told the court the statutes “require that it be done by 3 individuals over the age of 18 that are residents of the county.”
The move follows earlier review by county counsel and court discussion about the corporation’s purpose: to provide “a means to finance the cost of residential ownership and development that will provide decent, safe, and sanitary housing for residents of local governments,” Schumacher said. The court also approved a formal finding that incorporation is “wise, expedient, necessary and advisable” as required by the law.
Betsy Keller, the county’s chief administrator, briefed commissioners on the geographic distribution of the affordable housing units the corporation is expected to serve, reporting a precinct breakdown the court asked for: Precinct 1 — 1,523 units; Precinct 2 — 2,302 units; Precinct 3 — 650 units; Precinct 4 — 654 units. Keller said a majority of the properties expected to participate are located within the city of El Paso.
Schumacher said the bylaws expressly make the corporation subject to the Texas Open Meetings Act and the Texas Public Information Act. The court and staff discussed that the adopted bylaws are an initial operating framework and may be amended later once the corporation is active.
What’s next: court staff said they will complete the articles filing with the state and move to establish the board and operational procedures once the state accepts the incorporation documents. Commissioners approved the resolution and bylaws by voice vote; minutes show motions and seconds from Judge Samaniego and various commissioners and the court recorded that the motions carried.
The action does not itself authorize borrowing or project contracts; those financing decisions and any issuance of bonds or loans will require separate reviews and approvals by the court and the housing finance corporation once it is legally formed.
