Board Packet
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September Board Meeting To be held at the offices of Texas State Affordable Housing Corporation 2200 East Martin Luther King Jr. Blvd. Austin, TX 78702 Thursday, September 25, 2014 10:30 a.m. BOARD MEETING TEXAS STATE AFFORDABLE HOUSING CORPORATION To be held at the offices of Texas State Affordable Housing Corporation 2200 East Martin Luther King Jr. Blvd Austin, Texas 78702 September 25, 2014 at 10:30 am CALL TO ORDER, ROLL CALL Bob Jones CERTIFICATION OF QUORUM Chair The Board of Directors of Texas State Affordable Housing Corporation will meet to consider and possibly act on the following: PUBLIC COMMENT PRESIDENT’S REPORT David Long Tab A: Homeownership Finance Report Tab B: Development Finance Report Tab C: Monthly Budget and Investment Reports ACTION ITEMS IN OPEN MEETING: Tab 1 Presentation, Discussion and Possible Approval of Minutes of the Board Meeting held on August 21, 2014. Tab 2 Presentation, Discussion and Possible Approval of the 2014 Grant Awards for the Texas Foundations Fund. Tab 3 Presentation, Discussion and Possible Approval of a Resolution to Re-Appoint Mr. Russell Vandenburg to the Texas Foundations Fund Advisory Council Created by the Board of Directors of the Corporation and to Restate, Ratify and Affirm him as Vice-Chairperson of the Advisory Council to serve until his successor is elected and qualified or until his earlier removal or resignation. Tab 4 Presentation, Discussion and Possible Approval of the Publication for Public Comment of the Guidelines, Scoring Criteria and Targeted Housing Needs for the Allocation of Qualified Residential Rental Project Tax Exempt Bond Funds under the Multifamily Housing Private Activity Bond Program Request for Proposals and the 501(c)(3) Bond Program Policies for Calendar Year 2015. CLOSED MEETING: Consultation with legal counsel on legal matters – Texas Government Code § 551.071 Deliberation regarding purchase, exchange, lease, or value of real property – Texas Government Code § 551.072 Deliberation regarding prospective gift or donation to the state or Texas State Affordable Housing Corporation – Texas Government Code § 551.073 Personnel Matters – Texas Government Code § 551.074 Implementation of security personnel or devices – Texas Government Code § 551.076 Other matters authorized under the Texas Government Code OPEN MEETING: Action in Open Meeting on Items Discussed in Closed Meeting ADJOURN: Individuals who require auxiliary aids or services for this meeting should contact Laura Ross, ADA Responsible Employee, at 512-477- 3560 or Relay Texas at 1-800-735-2989 at least two days before the meeting so that the appropriate arrangements can be made. Texas State Affordable Housing Corporation reserves the right to recess this meeting (without adjourning) and convene at a later stated time, if and to the extent allowed by law. If Texas State Affordable Housing Corporation adjourns this meeting and reconvenes at a later time, the later meeting will be held in the same location as this meeting. Texas State Affordable Housing Corporation also reserves the right to proceed into a closed meeting during the meeting in accordance with the Open Meetings Act, Chapter 551 of the Texas Government Code. If permitted by the Open Meetings Act, Chapter 551 of the Texas Government Code, any item on this Agenda to be discussed in open meeting may also be discussed by the Board (and any other authorized persons) in closed meeting. President’s Report Tab A HomeownershipProgramwithDownpaymentAssistance January1,2013toSeptember17,2014 Month Originated# of Loans% Total At a Glance January 13$13,964,336 1134%TotalAmountOriginated$354,705,874 February 13$14,398,644 1154%AverageAnnualIncome$42,393 March 13$18,899,330 1606%AveragePurchasePrice$125,581 April 13$20,275,475 1696%AverageLoanAmount$122,821 May 13$27,321,015 2288%AverageHouseholdSize2 June 13$27,129,300 2208% Interest Rates %# of Loans July 13$19,945,824 1666%3.536 August 13$17,628,107 1475%3.75256 September 13$16,178,171 1345%3.875107 October 13$18,401,397 1485%4360 November 13$12,844,210 993%4.2519 December 13$14,490,368 1164%4.37578 January 14$11,890,757 993%4.5411 February 14$13,567,001 1044%4.625137 March 14$17,624,290 1385%4.75830 April 14$17,170,027 1425%4.87584 May 14$21,718,171 1756%5356 June 14$11,939,234 1013%5.12528 July 14$15,644,405 1244%5.25186 August 14 $13,913,255 1104% Program% September 14$9,762,557 803% Home Sweet Texas (80% AMFI)61.22% Totals$354,705,8742888100% Homes for Texas Heroes38.78% Teacher 26.32% LenderOriginated# of Loans% Total PeaceOfficer 3.53% CornerstoneHomeLending,Inc.$60,364,768 47516% FireFighter 2.60% NTFN,Inc.dbaPremierNationwideLending$28,496,443 2348% CorrectionsOfficer 2.29% RockyMountainMortgageCompany$21,203,649 1826% PublicSecurityOfficer 0.59% GuildMortgageCorporation$19,856,679 1666% EMSPersonnel 0.59% EverettFinancialdbaSupremeLending$19,428,008 1485% SchoolCounselor 0.59% FirstCommunityMortgage$16,624,045 1585% Veteran 0.48% HoustonianMortgageGroup,Inc.$13,756,110 1284% ProfessionalNursingFaculty 0.45% PrimeLending$13,752,718 1184% Teacher'sAide 0.45% PulteMortgageLLC$12,159,724 843% SchoolLibrarian 0.28% WRStarkeyMortgage,LLP$11,005,542 973% AlliedHealthFaculty 0.24% DHIMortgageCompany,Ltd.$10,947,624 763% SchoolNurse 0.21% FairwayIndependentMortgageCorporation$9,038,663813% CountyJailer 0.17% GatewayMortgageGroup,LLC$8,632,167 783% New/Existing Home WellsFargoBank,N.A.$8,600,121753%Existing71.12% AffiliatedBank$6,767,219 512%New28.88% AspireFinancial,Inc.$6,467,686 552% Type of Loan InterlincMortgageServices,LLC$6,259,151462%FHA Purchase97.37% SFMC,LP(ServiceFirstMortgage)$6,017,122492%USDA RHSPurchase1.28% UniversalAmericanMortgageCompany,LLC$5,935,845411%VA Purchase1.14% CastleandCookeMortgage$5,797,558 452%Conventional Purchase0.17% PrimaryResidentialMortgage,Inc.$5,361,999 462%FHA Refinance0.03% GeorgetownMortgage,LLC$4,222,092331% Ethnicity NationstarMortgageLLC$4,123,328 321%White42.85% Ark La TexFinancialdbaBenchmarkMortgage$3,222,017 231%Hispanic37.32% EnvoyMortgage$3,200,410 261%Black15.41% HometrustMortgageCompany$2,950,673251%NotDefined2.15% NetworkFunding,LP$2,908,168 201%Asian/PacificIslander1.73% AcademyMortgageCorporation$2,727,256 241%AmericanIndian/AlaskanNative0.29% SWBCMortgageCorporation$2,683,050 231%Other0.25% FirstNationalBank$2,433,672221% Top 20 Originating Counties # of Loans HighlandsResidentialMortgage$2,263,459 171%Harris490 CenderaFunding,Inc.$1,899,890 151%ElPaso438 MovementMortgage,LLC$1,790,613140%Dallas292 TXLMortgageCorporationdbaBaymontFinancial$1,614,919 110%Tarrant287 iMortgage.com,Inc.$1,591,330 100%Bexar240 NationsReliableLending,LLC$1,586,224 110%Travis143 Resmac,Inc.$1,561,335120%Cameron126 FirstCaliforniaMortgageCo(FirstCal)$1,455,639 140%Williamson104 OneMortgage,Inc.$1,354,939 100%Hidalgo85 RepublicStateMortgageCo.$1,318,800 110%FortBend70 SenteMortgageInc.$1,203,256 90%Denton66 KHovnanianAmericanMortgage,LLC$1,192,81380%Collin66 ColonialSavings,F.A.$1,043,72580%Bell51 HomeBridgeFinancialServices$884,15970%Montgomery39 SunWestMortgageCompany,Inc.$848,23260%Galveston36 HomeFinancingUnlimited,Inc.dbaMissionMortgage$825,90250%Brazoria27 HomeCommunityMortgage$649,576 50%Ellis27 IberiaBankMortgageCompany$613,677 60%Johnson25 NewPennFinancial,LLC$585,090 50%Hays25 OpenMortgageLLC$581,78950%Comal22 HomeownershipProgramwithDownpaymentAssistance January1,2013toSeptember17,2014 LenderOriginated# of Loans% Total CobaltMortgage,Inc.$541,26340% EvolveBank&Trust$489,850 30% WillowBendMortgageCompany,LLC$484,30940% AmericanFinancialNetwork,Inc.$482,497 40% GlobalAdvisoryGroup,Inc.$477,186 40% TheLendingPartners,LLC$363,298 30% RMCMortgageCorporation$332,39120% NorthstarBankMortgage$260,49320% LoanSimple,Inc.$184,854 20% AmericanBank,N.A.$154,84310% TexasBankMortgageCompany$131,737 10% FirstChoiceLoanServices,Inc.$114,80910% GuaranteedRate$105,06110% LHMFinancialCorporationdbaCNNMortgage$98,090 10% FirstContinentalMortgage,Ltd.$95,73310% Total Committed$354,125,2882884100% 2014AMortgageCreditCertificateProgram March17,2014toSeptember17,2014 Month Originated# of Loans% Total At a Glance March 14$1,758,328147%TotalAmountOriginated$26,167,135 April 14$2,977,8352211%AverageAnnualIncome$40,070 May 14$3,500,6082513%AveragePurchasePrice$136,789 June 14$4,567,8093618%AverageLoanAmount$130,836 July 14$5,508,5974322%AverageHouseholdSize2 August 14$4,667,4233618%AverageInterestRate4.530 September 14$3,186,5352412% Program% Totals$26,167,135200100% Home Sweet Texas (80% AMFI)71.00% Homes for Texas Heroes29.00% LenderOriginated# of Loans% Total Teacher 18.50% CornerstoneHomeLending,Inc.$4,287,7983216% PeaceOfficer4.00% EverettFinancial,dbaSupremeLending $2,316,935179% CorrectionsOfficer2.00% DHIMortgageCompany,Ltd.$2,140,069147% FireFighter1.00% UniversalAmericanMortgageCompany,LLC $1,289,79095% Veteran1.50% WRStarkeyMortgage,LLP$1,280,907105% ProfessionalNursingFaculty1.00% GuildMortgageCorporation$1,236,60595% Teacher'sAide 0.50% PrimeLending$1,000,26274% AlliedHealthFaculty0.00% InterlincMortgageServices,LLC $874,75163% SchoolLibrarian0.00% HoustonianMortgageGroup,Inc.$760,37674% EMSPersonnel0.50% NorthstarBankMortgage$741,40763% SchoolCounselor0.00% GatewayMortgageGroup,LLC$640,96353% PublicSecurityOfficer0.00% OpenMortgageLLC $578,00942% CountyJailer0.00% SunWestMortgageCompany,Inc.$555,43142% SchoolNurse0.00% NetworkFunding,LP$534,67242% New/Existing Home SenteMortgageInc.$512,90242%Existing68.00% HomeCommunityMortgage$500,36042%New32.00% NationstarMortgageLLC$469,76232% Type of Loan WellsFargoBank,N.A.$454,51442%FHA Purchase77.00% AspireFinancial,Inc.$437,42832%USDA