1993-11-08 Regular Meeting - Laserfiche WebLink

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e e SOUTHEAST TEXAS HOUSING FINANCE CORPORATION Bin Eiland Executive Director The Southeast Texas Housing Finance Corporation (SETH) is a public nonprofit housing finance corporation chartered by the State of Texas to finance and support the construction and rehabilitation of housing for low to moderate income families in its jurisdiction. SETH's jurisdiction includes: Austin, Bra- zoria, Chambers, Fort Bend, Liberty, Matagorda, Walker, Waller, and Wharton counties; the cities of Dickinson, LaMarque, League City, Santa Fe, and Texas City in Galveston County, and the cities of Bay town, Deer Park, LaPorte, Pasadena, and Tomball in Harris County. Since its inception in 1981, SETH has been primarily involved with the issuance of multifamily and single-family bonds for the financing of housing acquisition, construction, and rehabilitation. SETH bonds have financed the construction of 36 apartment complexes, at a cost of over $175 million. Over $350 million in bonds have supplied more than 3,100 single-family home mortgages for families in the SETH jurisdiction. Over the last few years, the board of directors has consid- ered other housing related activities, as authorized by State enabling legislation. SETH's willingness to consider new oppor- tunities has resulted in several undertakings not common in local housing finance agencies. Management Services Department SETH has established a Management Services Department. Management Services monitors and controls the accounts of bond programs for ten local housing finance corporations in Texas. SETH-Owned Multifamily properties The board has authorized SETH to issue bonds for the pur- chase of four low- to moderate-income multifamily projects. SETH currently owns these four apartment complexes, supplying 2,700 units of housing in the greater Houston area. SETH single-Family Program The creation of the Resolution Trust Corporation, to dispose of the properties of failed savings institutions, provided a unique opportunity to supply affordable housing. SETH used this opportunity to initiate its Single-Family Program, making bids in three RTC sealed bid auctions. In June, 1991, SETH won the bid on 230 properties throughout the State. SETH is rehabilitating the properties through its wholly owned nonprofit subsidiary, Diver- 4620 Fairmont Parkway · Suite 201 · Pasadena, Texas 77504 (713) 487-8772 · FAX (713) 487-9574