The El Paso Housing Finance Corporation (HFC) is an independent entity, created pursuant to the Housing Finance Corporation Act by the City Council as a non profit corporation and has been in existence since 1979. The statutory purpose of this type of corporation is to assist persons of low and moderate income to acquire and own decent, safe, sanitary, and affordable housing and to preserve and increase the tax base of local government.
To this end, the El Paso HFC is dedicated to promoting local homeownership and housing opportunity for low and moderate income families. The HFC is governed by a board of directors appointed by the Mayor and City Council, and has an executive director who manages its operations. The HFC achieves its purpose primarily by issuing tax-exempt mortgage revenue bonds which make mortgage loans available to qualified borrowers at favorable rates to encourage home ownership in El Paso. The program functions through a number of lenders in the City.
The El Paso HFC also has the ability to issue bonds for the financing of multifamily projects.
In addition to loans at a favorable rate, the HFC’s current program provides incentives for first time homeowners and for residential revitalization in certain areas of the City. These incentives can take the form of down payment and closing cost assistance.
HFC Board Members
The current seven member board of the HFC consists of:
City Rep. Susie Byrd, President.
Michael Bray, Vice President
Jerry Romero, Treasurer
Jose Luis Carbonell, Director
Elizabeth Moya Quinn, Director
The General Counsel to the HFC is Norman Gordon, Esq., of Mounce, Green, Myers, Safi & Galatzan. The financial advisor is First Southwest Company. The Bond Counsel is Fulbright & Jaworski L.L.P.
HFC Contact Information
El Paso Housing Finance Corporation
Executive Director: Adrian Duran
Office Location: City Hall 8th Floor
Office Telephone #: (915) 541-4476