We had our meeting. I must say, I was impressed with the amount of information that flowed among the participants. Our side asked good general questions about Housing Finance Corporations, and the visiting experts provided very sufficient answers for this point in time. There were two meetings, one starting at 3:00 and ending at about 5:00. A second general work session meeting started at 5:30 and ended about 6:45. Folks, you can cover a lot of ground in that amount of time.
To summarize, the meetings went very well. The questions and answers were precise. I had the feeling there were good vibs. I felt there may have been very subtle attempts from some of staff to resist, but frankly, the mayor and city council stopped that foolishness before it got any chance at a foothold. I think they were tired of me hammering them about HFC's and they wanted to hear the whole story NOW from the experts. I commend mayor and council.
The results? Pretty simple. By July 11, it is desired that the Incorporators and the Board of the HFC be determined and submitted to the State of Texas. They, in turn, will have the duties of setting up the organization. Please be advised, the city is only helping in getting this thing started. The HFC will be a self sustaining organization. The city may have to provide some start up money, maybe as much as $150K, but it will be paid back probably from the first of any projects; if multi family, very quickly, if homes, a little longer.
The meetings went as well as I could expect. Now we can take the next steps.
To summarize, the meetings went very well. The questions and answers were precise. I had the feeling there were good vibs. I felt there may have been very subtle attempts from some of staff to resist, but frankly, the mayor and city council stopped that foolishness before it got any chance at a foothold. I think they were tired of me hammering them about HFC's and they wanted to hear the whole story NOW from the experts. I commend mayor and council.
The results? Pretty simple. By July 11, it is desired that the Incorporators and the Board of the HFC be determined and submitted to the State of Texas. They, in turn, will have the duties of setting up the organization. Please be advised, the city is only helping in getting this thing started. The HFC will be a self sustaining organization. The city may have to provide some start up money, maybe as much as $150K, but it will be paid back probably from the first of any projects; if multi family, very quickly, if homes, a little longer.
The meetings went as well as I could expect. Now we can take the next steps.
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