Form a joint housing finance corporation to provide a means of financing the cost of residential ownership and development that will provide decent, safe and sanitary single family housing for persons and families of low and moderate income. Program to provide below-market rate home mortgage loans to low and moderate income, first-time home buyers in the Coastal Bend.
The number of directors constituting the initial Board of Directors of the Corporation is 10 (ten) members. Each of the initial directors reside with the Sponsoring Local Government, each director, including the initial director, shall be eligible for reappointment. The Board of Directors shall consist of the number of directors for the terms provided in the Articles of Corporation. Thereafter, each Sponsoring Local Government shall appoint one (1) director to serve on the Board of Directors of the Corporation for a term not in excess of six (6) years. However, a director position may be immediately filled by the appointment or election by the Governing Body of the Sponsoring Local Government, which originally had appointed or elected the director whose resignation, death, or removal occasioned such vacancy.
CREATION & AUTHORITY
Articles of Incorporation of the Coastal Bend Housing Finance Corporation (the "Corporation") have been adopted pursuant to the provisions of Section 394.016, Tex. Loc. Gov't Code. Resolution forming the Coastal Bend Housing Finance Corporation on August 23, 1995 Commissioners Court Minutes Vol. 28 Page 120 and placing Nueces County as "Sponsoring Local Government" of the "Corporation".
Regular meetings of the Board of Directors shall be held at such times and places to be designated. The principle office of the corporation shall be located at the Nueces County Courthouse, 901 Leopard St. Corpus Christi, Texas 78401. Board contact, Loyd Neal, Nueces County Judge, 361-888-0444.