Rowlett Housing Finance Corp. wins council backing for $4 million TDHCA mortgage bond allocation

Rowlett — The City Council voted July 15 to support a reservation request by the Rowlett Housing Finance Corporation (HFC) to allocate up to $4,000,000 of state volume cap for mortgage revenue bonds administered by the Texas Department of Housing and Community Affairs.
City staff explained the reservation would not create city debt. Instead, it assigns additional bond volume cap to TDHCA, which issues tax‑exempt private activity mortgage revenue bonds that fund programs such as My First Texas Home, offering 30‑year below‑market mortgages, down‑payment and closing cost assistance and mortgage credit certificates for qualified buyers. "So this is not debt of the city nor is it necessarily debt of the HFC per se," a staff presenter told the council.
Council discussion confirmed the Rowlett HFC already has $3.2 million in outstanding loans in the program serving 10 borrowers; the additional $4 million would expand the program’s capacity and encourage TDHCA to prioritize use of that allocation within Rowlett. Councilmember Shoop moved the resolution; Councilmember Bowers seconded. The council voted unanimously to adopt the resolution supporting the HFC application.
No details on borrower eligibility were added beyond staff’s summary that TDHCA programs target first-time buyers, veterans and income thresholds linked to area median income. Staff said specific program rules and borrower qualifications are determined by TDHCA and program guidelines.