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					                                                 PRESS RELEASE
                  Travis County Housing Finance Corporation (512) 854-4743
                          Contact: County Judge Sam Biscoe (512) 854-9555

August 12, 2008

AUSTIN, TEXAS – The Travis County Housing Finance Corporation, a public
non-profit created by the Travis County Commissioners Court, announced today
its 2007 First-Time Homebuyer Down Payment Assistance Program for low- and
moderate-income residents. This program will assist forty low and moderate
income families purchase a home in Travis County (but outside the City of
Austin) by providing $8,325 forgivable, zero interest loans.

“We are extremely pleased to continue our commitment to affordable housing by
introducing another program designed to serve low- and moderate-income
homebuyer families in Travis County,” said County Judge Sam Biscoe. “As with
previous programs, this program specifically addresses the largest barrier to home
ownership most families face: the lack of a down payment.”

The Program was put in place through a $300,000 grant from the Texas
Department of Housing and Community Affairs (“TDHCA”) and a $36,000 grant
from the Travis County Housing Finance Corporation. The Program is designed
to assist 40 families who purchase a home in Travis County (outside Austin city

 “Many of the more affordable new homes in Travis County are being built
outside of the Austin city limits and are not eligible for the City of Austin’s down
payment assistance program which many lower income homebuyers need,” said
Judge Biscoe. “This new program is a great start toward filling that gap by
connecting qualified homebuyers in Travis County to homebuyer education, down
payment assistance and affordable homes.”
 The home buyer’s income must be below the income in the chart below.
                          HUD Income Limits by Family Size
                          Austin Area Median Family Income

Household Size                        1           2          3          4           5

80% Median Income                   39,850     45,500     51,200     56,900      61,450

 Homebuyers must provide a minimum personal investment of $500.

 All loans and grants will be made on a “first-come, first-serve” basis until the
 funds are expended. All homebuyers will be required to complete an eight-hour
 homebuyer education course given by Consumer Credit Counseling. Travis
 County Housing Finance Corporation has provided a grant to fund the education

 The down payment assistance may be combined with one of the Texas
 Department of Housing and Community Affairs’ Texas First Time Homebuyer
 Programs, Texas State Affordable Housing Finance Corporation bond program or
 Travis County Housing Finance Corporation bond program. The bond programs
 offer below-market interest rate mortgage loans through a network of
 participating lenders. A second program offers a Mortgage Credit Certificate
 program that increases a family’s disposable income by reducing its federal
 income tax obligations. The tax credit is valid for the life of the loan as long as the
 borrower occupies the property as their primary residence.

 The following is an example of how these programs can be used to give a first
 time homebuyer instant equity.

 Cost of a home:                                                        $120,000

 Amount of assistance:                                                   $13,125
 Form of assistance:
   Five-year forgivable loans from Travis County HFC:                     $8,325
   4% grant from TCHFC mortgage loan program:                             $4,800
                TOTAL                                                    $13,125

 Mortgage interest rate (30 year fixed rate)                                6.30%

 For more information about how to participate, call Harvey Davis or Mike
 Gonzalez at the Travis County Housing Finance Corporation at (512) 854-4743 or
 (512) 854-4399 respectively.

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