Tarrant County Housing Finance Corporation unanimously approves multiple bond allocations and a school asthma grant

The Tarrant County Housing Finance Corporation met June 11 and approved a series of routine governance items and housing finance actions, including preliminary bond allocation requests and a small school‑health grant.

Board action and votes: The corporation unanimously approved the minutes from Nov. 11; adopted the county’s investment policy; received and filed financial statements for the periods ending Sept. 30, Dec. 31 and March 31; authorized release of depository collateral; approved an item labeled in the packet as “2026 Tala Duos” (transcript spelling); and carried several bond‑related resolutions and a school grant by unanimous vote.

Why it matters: The board’s approvals clear the way for developers to seek volume allocations from the Texas Bond Review Board and for the county to assign volume cap to the Texas Department of Housing and Community Affairs (TDHCA). Those steps influence which affordable‑housing projects can secure tax‑exempt financing and when projects can move to closing and construction. The school grant aims to place emergency asthma medication and related kits in county schools that lack them.

What the board approved (highlights) • Cobblestone Manor supplemental allocation: Counsel described a supplemental request to the Texas Bond Review Board for up to $10 million in tax‑exempt bond allocation to cover roughly $9.5 million in rehabilitation costs for 220 units at 8201 Sartane Drive, Fort Worth. Bond counsel told the board this was a preliminary step to seek allocation only, not a commitment to issue bonds. The board voted to authorize submission to the state board.

• Elmwood Place Apartments allocation: The board authorized submission of a preliminary allocation request for a new‑construction project at 7124 Anderson Boulevard (about 270 units). The transcript records a $45 million request recommended for this year; board members were told successful allocation would be followed by later financing requests.

• Evans and Rosedale Urban Village bond resolution: The board adopted a resolution authorizing the issuance of up to $31 million in multifamily housing revenue bonds for Evans and Rosedale Urban Village (approximately 180 new units at 900 Evans Avenue, Fort Worth). Counsel said the issue is intended to be 100% cash‑collateralized and that the county acts only as conduit issuer; an anticipated closing date cited was July 16 if the transaction proceeds.

• TDHCA reservation and assignment: Hilltop Securities’ Claire Lrops explained the corporation has participated in a partnership assigning volume cap to the Texas Department of Housing and Community Affairs (TDHCA) to support single‑family mortgages and down‑payment assistance. According to Lrops, the corporation has assigned about $90 million of volume cap over recent years and is again recommending assigning $45 million this year; TDHCA then issues single‑family bonds and local borrowers must originate loans in Tarrant County for the county to receive the fee (about 4.75 basis points). The board approved the assignment and a companion delegation of bond issuance authority to TDHCA.

• Grant for school emergency medication: The board approved a resolution to authorize a grant to the Greater Tarrant Area Asthma Consortium to supply emergency asthma medication (and Narcan plus one additional medicine as described) to Tarrant County school districts. The presenter estimated the program costs about $75 per school and said roughly $10,000 would cover remaining schools that lack the kits.

Discussion notes and follow‑ups: During the financial‑statements discussion a member asked whether funds previously held in precinct CDs had been moved into the county “tax pool” and whether those funds remain tracked in precinct subaccounts. Staff said it did not appear subaccounts currently exist and offered to follow up. One board member emphasized that the board previously voted to consolidate matured funds into the tax pool and that funds should not be redirected at the individual level; staff and members agreed to follow up to confirm subaccount status and whether separate tracking remains necessary.

Quotes from the meeting • On the nature of the Cobblestone Manor action, bond counsel Bob Dance said: “This action item that you have before you is a preliminary action item … That does not commit you to issue the bonds at this point in time.”

• On the TDHCA partnership, Hilltop Securities’ Claire Lrops said: “You all have assigned volume cap in the amount of $90 million over to TDHCA … And so instead of the heavy lift of actually issuing your own single family bond program … TDHCA basically bears that brunt. And you all receive a financial benefit of 4.75 basis points on any of the loans that are originated.”

Procedure and next steps: For projects seeking allocation, the board’s approvals authorize staff to submit applications to the Texas Bond Review Board; if allocations are awarded, developers are expected to return with financing requests toward closing later this year. The asthma‑medication grant will be administered by the named consortium from Housing Finance Corporation accounts; staff were asked to draft a distribution policy for future disbursements.

Public comment: None.

Meeting adjourned.