Notice of Public Hearing Regarding the Issuance of Bonds
Notice is hereby given of a public hearing to be held by the Texas State Affordable Housing Corporation (the ” Issuer ” ) at 10:00 a.m. on March 8, 2019, at 2200 East Martin Luther King Jr. Boulevard, Austin, Texas 78702, on the proposed issuance by the Issuer of one or more series of qualified mortgage revenue bonds (the ” Bonds ” ) under section 143(a) of the Internal Revenue Code of 1986. The Bonds will be issued pursuant to a plan of finance to provide financing for residential mortgages throughout the State of Texas for eligible purchasers of single family owner-occupied residences (the ” Project ” ). The maximum aggregate face amount of the Bonds to be issued in one or more series with respect to the Project is $400,000,000. All interested persons are invited to attend the public hearing to express orally, or in writing, their views on the issuance of the Bonds. The Bonds shall not constitute or create an indebtedness, general or specific, or liability of the State of Texas, or any political subdivision thereof. The Bonds shall never constitute or create a charge against the credit or taxing power of the State of Texas, or any political subdivision thereof. Neither the State of Texas, nor any political subdivision thereof shall in any manner be liable for the payment of the principal of or interest on the Bonds or for the performance of any agreement or pledge of any kind which may be undertaken by the Issuer, and no breach by the Issuer of any agreements will create any obligation upon the State of Texas, or any political subdivision thereof.
Further information with respect to the proposed Bonds will be available at the hearing or upon written request prior thereto addressed to the Issuer at Texas State Affordable Housing Corporation, 2200 East Martin Luther King Jr. Boulevard, Austin, Texas 78702, Attention: Joniel Crim, Homeownership Programs Director, (512) 477-3561.
Individuals who require auxiliary aids in order to attend this meeting should contact Cynthia Gonzales, at (512) 477-3565 at least two days before the meeting so that appropriate arrangements can be made.
Individuals may transmit written testimony or comments regarding the subject matter of this public hearing to Joniel Crim at JCrim@tsahc.org.
Homeownership Programs Director
Texas State Affordable Housing Corporation
2200 East Martin Luther King Jr. Boulevard
Austin, Texas 78702
Notice of the Implementation of a 2019 Qualified Mortgage Credit Certificate Program
The Texas State Affordable Housing Corporation (the “Corporation”), a nonprofit corporation organized under the laws of the State of Texas, is implementing a qualified mortgage credit certificate program (the “Program”) within the State of Texas (the “Program Area”) to assist eligible purchasers. A Mortgage Credit Certificate (“MCC”) is an instrument designed to assist persons better afford home ownership. The MCC Program allows first-time homebuyers an annual federal income tax credit equal to the lesser of $2,000 or the credit rate for the MCC multiplied by the amount of interest paid by the holder on a home mortgage loan during each year that they occupy the home as their principal residence.
An eligible purchaser of a residence located within the Program Area may apply to the Corporation for an MCC through a participating lender of his or her choice at the time of purchasing a principal residence and obtaining a mortgage loan from a participating lender.
To be an eligible purchaser to receive an MCC, a purchaser must meet the following criteria:
(1)Be one of the following:
(a)A person living in Texas whose annual household income does not exceed 100% of area median family income (“AMFI”) (for families of two persons or less) or 115% of AMFI (for families of three or more persons); or
(b)A full-time Texas classroom teacher, teacher’s aide, school librarian, school nurse, school counselor, or an allied health or nursing faculty member whose annual family income does not exceed 100% of AMFI (for families of two persons or less) or 115% of AMFI (for families of three or more persons); or
(c)A full-time paid fire fighter, peace officer, corrections officer, juvenile corrections officer, county jailer, EMS personnel, veteran, or public security officer, working in the State of Texas whose annual family income does not exceed 100% of AMFI (for families of two persons or less) or 115% of AMFI (for families of three or more persons).
Click here for a more complete description of the maximum income limits.
(2)The applicant for the MCC cannot have had an ownership interest in his or her principal residence during the three-year period ending on the date the mortgage loan is obtained.
(3)The applicant must intend to occupy the residence with respect to which the MCC is obtained as his or her principal residence within 60 days after the MCC is issued. The MCC issued to an applicant will be revoked if the residence to which the MCC relates ceases to be occupied by the applicant as his or her principal residence.
(4)The MCC cannot be issued to an applicant in conjunction with the replacement or refinancing of an existing mortgage loan. The MCC can, however, be obtained in conjunction with the replacement of a construction period or bridge loan having a term of less than 24 months.
(5)Federal law imposes limitations on the purchase price of homes financed under the program. These limitations are periodically adjusted. Visit www.tsahc.org to view the current maximum purchase prices allowed. Two-family, three-family and four-family residences are also eligible, provided that one of the units will be occupied by the mortgagor as his or her principal residence and that the residence was first occupied for residential purposes at least five years prior to the closing of the mortgage.
Anyone receiving an MCC and selling his or her residence within nine years of the issuance of the MCC may be required to return all or a portion of the tax credit received in connection therewith to the Internal Revenue Service.
To defray the costs of implementing the Program, the Corporation will charge applicants a compliance fee, plus an MCC issuance fee.
The Corporation strongly encourages anyone who believes that he or she qualifies for an MCC to apply at the offices of a participating lender. For more information regarding the Program and its restrictions, including a list of current participating lenders, please contact Joniel Crim, Homeownership Programs Director, at (512) 477-3561 or by email at email@example.com.
For a copy of the IRMA letter, click here.