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Commissioners unanimously approve certificate for North Central Texas HFC single-family mortgage bond program
Summary
Rockwall County Commissioners unanimously approved a certificate allowing the North Central Texas Housing Finance Corporation to proceed with a tax-exempt single-family mortgage revenue bond program intended to fund down-payment assistance for workforce and middle-income homebuyers across a 10-entity HFC service area.
Rockwall County Commissioners Court voted unanimously on Aug. 26 to provide the routine certificate required by the North Central Texas Housing Finance Corporation (HFC) so the HFC can pursue a tax-exempt single-family mortgage revenue bond program for 2025.
Wade Gent, the county’s representative on the North Central Texas HFC, told the court the HFC will request allocation of volume cap from the Texas Department of Housing and Community Affairs (TDHCA) — the program Gent described seeks $25 million of TDHCA volume cap for the HFC’s service area. The bond proceeds would support down-payment assistance grants of up to 3.5% tied to FHA/VA/USDA loans and related mortgage-rate advantages; Gent said the HFC expects the program to support roughly 94 down-payment grants across the multi-jurisdictional HFC area (not all in Rockwall County).
Gent emphasized the proposal is “cost neutral” for the member entities: the HFC would issue debt under its own tax-exempt status and the county would not issue debt or forego property-tax revenue. Commissioners and county staff asked whether the bonds would obligate the county; Gent said the HFC — not member governments — issues and backs the bonds and that the county has no liability or impact on its credit rating.
The court discussed eligibility and scope: Gent said the program targets “workforce” buyers (first responders, teachers, local government workers and hospital staff) who meet income limits required by the federal underwriting programs. The HFC’s service area includes several cities and counties (Cedar Hill, Waxahachie, Lancaster, DeSoto, plus Kaufman, Rockwall and others) and the program’s averages are projected across that entire area.
The court voted to approve the certificate required by the HFC’s issuance guidelines. No county funds or tax exemptions were requested.
Action: The court approved the requested certificate by unanimous vote to allow the North Central Texas Housing Finance Corporation to proceed with its single-family mortgage revenue bond program and to seek TDHCA volume-cap allocation.
