Maverick County Housing Finance Board of Directors Approves Transfer of $8.9 Million from County to the HFC, Attempts to Clarify Taxpayers Questions
By Jose G. Landa, Copyright 2026 Eagle Pass Business Journal, Inc.
EAGLE PASS, Texas — The controversial Maverick County Housing Finance Corporation (MCHFC) Board of Directors held a meeting on Friday, September 4, 2026 at the 293rd Judicial District Courtroom in Eagle Pass, Texas, tackling questions from taxpayers concerning its operations and funds.
The meeting was contentious and loud at different moments as taxpayers questioned the MCHFC Board of Directors and its Bond Counsel, Arnold Cantu of San Antonio, Texas.
The Eagle Pass Business Journal showed the meeting live on its Facebook Page. Maverick County citizens should definitely see the raucous meeting on the Eagle Pass Business Journal’s Facebook Page.
The MCHFC was incorporated on June 24, 2024 as a non-profit corporation under the Texas Housing Finance Corporations Act, according to Texas Secretary of State records.
The MCHFC Board of Directors is composed of Chairman Ramsey English Cantu, Vice-Chairman Roberto Ruiz, Secretary-Treasurer Olga Ramos and Board member Roxi Rios. Former Board member Gerardo Morales resigned from the Board of Directors on March 27. 2025 citing “growing concerns regarding the Corporation’s direction and current state of affairs.”
The original purpose of the MCHFC was to”to carry out the purposes of the Act and specifically for the purpose of benefitting and accomplishing public purposes of, and on behalf of, the County, by owning and/or financing the cost of residential ownership and development that will provide decent, safe, and sanitary housing residents of the County at prices they can afford.”
MCHFC Board members present at the September 4 meeting were Vice-Chairman Roberto Ruiz, Secretary-Treasurer Olga Ramos, and Board member present Roxi Rios. Not present at the meeting was MCHFC Chairman Ramsey English Cantu.
The previous MCHFC Board meeting was June 16, 2026 at the Hyatt Regency Hill Country Resort in San Antonio, Texas. The same Board members attended that meeting and Board Chairman Ramsey English Cantu did not attend it.
At the June 16 meeting, Maverick County Auditor Gloria Barrientos utilizing the Citizens Communications Agenda issued notice to the MCHFC Board members that the MCHFC had failed to provide its financial records and supporting documentation to her office despite requesting them for more than a year, causing Maverick County’s audit be delayed and the MCHFC had not done an audit of its own as required by law.
The September 4 MCHFC Board meeting was called and posted by Vice-Chairman Roberto Ruiz. The meeting was scheduled for September 4 at 1 P.M., but the meeting started extremely late at 1:43 P.M. because it lacked a quorum to commence it as only Ruiz and Ramos were present and Rios arrived late allegedly due to an “emergency.” Prior to starting the meeting, Vice-Chairman Ruiz apologized to the citizens in attendance for the delay due to a lack of quorum, and appeared frustrated and worried that he might have to postpone the meeting.
MCHFC Vice-Chairman finally called the meeting to order at 1:43 P. M. upon Rios late appearance.
During the Citizens Communications Agenda, two citizens addressed the MCHFC Board including Enriqueta Diaz and Luis Alfonso Ruiz who questioned the operations, legality, and financial liability of the MCHFC.
At the September 4 MCHFC Board meeting, the Board requested Bond Counsel Arnold Cantu to reply to the questions raised by citizens. Cantu was listed on agenda item No. 1 to make a presentation on the MCHFC.
Bond Counsel Cantu answered the questions surrounding the Maverick County Housing Finance Corporation, the millions of dollars generated through affordable housing partnerships, and ongoing litigation. Bond Counsel Cantu provided a detailed explanation of how the corporation operates, where its money came from and why approximately $8.9 million has remained in an account under Maverick County’s name.
Bond Counsel Cantu presented a thorough explanation of how the MCHFC was formed, its purpose, and how the HFC was able to enter into contracts to purchase large apartments across Texas and lease them back to the developers and how it earned fees in the multiple properties acquired under the MCHFC.
Bond Counsel Cantu is with Cantu Harden Montoya LLP of San Antonio, Texas, and he explained that the MCHFC is a separate, quasi-governmental entity created by Maverick County with powers granted under state law to promote affordable housing and other authorized public purposes.
According to Cantu, under Texas law as it existed when the MCHFC began entering the transactions, the corporation could partner with private apartment developers outside Maverick County.
Under the arrangement, developers transferred property interests to Limited Liability Corporations associated with the MCHFC, allowing qualifying apartment complexes to receive property tax exemptions. In exchange, developers were required to provide affordable rents and make payments benefiting the MCHFC.
Cantu said developers typically agreed to pay the MCHFC $300,000 upfront when a transaction closed, along with annual payments generally representing 10 percent of the developer’s property tax savings.
The money did not come from Maverick County taxpayers, Cantu explained, but from private developers participating in the program. The program converted large private apartment properties valued between $24-$50 million into tax exempt properties upon being transferred to the MCHFC.
The MCHFC has participated in at least 29 properties throughout Texas valued an estimated $1 Billion.
Cantu estimated that between $7 million and $7.5 million had initially been received by the MCHFC through the transactions, although he emphasized that an accounting and audit were being conducted to establish the figures.
With additional payments received, approximately $8.9 million is being held in a bank account under Maverick County’s name at the time of the meeting, according to Maverick County Treasurer Rito Valdez, III.
Cantu acknowledged that upon incorporating the MCHFC there were transactions quickly happening and closing before the MCHFC had obtained its federal employer identification number (EIN) and had not opened its own bank account. Cantu added that “due to an administrative error” the funds and fees being closed were deposited into a Maverick County bank account and utilized the county’s federal tax number (EIN). Bond Counsel Cantu stated that this “administrative error” needed to be rectified by the MCHFC Board.
During the meeting, County Treasure Valdez stated the amount deposited into Maverick County’s bank account was approximately $8,933,598.
Cantu admitted that the money ended up in a county bank account because the MCHFC’s separate bank account nor federal tax number had not been established when the first transaction closed.
Cantu added that his law firm initially received the funds on behalf of the MCHFC and subsequently transferred them to Maverick County’s bank account.
Because the account was established using the county’s federal identification number rather than the MCHFC’s, the funds remained under the supervision of the county auditor. The county auditor can not use or transfer these funds in the county bank account until the MCHFC completes its audits for 2024 and 2025, provides full documentation of all its records and transactions, and satisfies all legal requirements of an legal entity.
Cantu described the situation as an “administrative error “and said the money belongs to the MCHFC and “needed to be rectified.” The MCHFC Board was under Chairman Ramsey English Cantu at that time and until now. Although former County Judge Ramsey English Cantu resigned as county judge, he has not yet submitted a letter of resignation from the MCHFC Board.
“The money should have been in the MCHFC’s bank account from the start,” Cantu said.
The MCHFC Board discussed requesting that the county transfer the approximately $8.9 million into an account established under the Housing Finance Corporation.
Cantu also addressed pending lawsuits involving MCHFC properties. He explained that much of the litigation stems from appraisal districts and other taxing entities challenging property tax exemptions granted to apartment complexes participating in HFC programs. These tax entities allege having lost millions in ad valorem taxes arising from this HFC programs.
He said other lawsuits involve issues commonly associated with property ownership, but the agreements generally require developers to indemnify the HFC and cover litigation expenses.
Bond Counsel Cantu stated that his law firm had issued a legal opinion to the financial institutions, developers, and the MCHFC Board that these HFC programs were legal and allowed by state law at that time.
Due to complaints from many governmental entities statewide having lost millions of ad valorem tax revenues from their annual tax rolls, causing many entities experience budget deficits, and critical news coverage of this controversial state law, the Texas Legislature in 2025 modified the Texas Housing Finance Act.
Cantu said changes approved by the Texas Legislature in 2025 now generally restrict an HFC such as Maverick County’s from pursuing new projects outside its jurisdiction. He said the change did not automatically eliminate properties acquired before May 28, 2025.
Cantu also addressed why the MCHFC needs access to its funds.
One participating property wants to leave the program and, under its agreement, is entitled to the return of a $300,000 payment to MCHFC because its tax exemption was not granted.
The MCHFC also faces legal expenses connected to ongoing litigation as well Attorney’s fees owed to Bond Counsel Cantu’s firm.
MCHFC Board members said the original purpose behind creating the HFC was to find additional resources that could ultimately benefit Maverick County, including infrastructure, flood-control needs, emergency services and other public purposes allowed under law.
MCHFC Secretary-Treasurer Olga Ramos stated that the County Commissioners were aware of the precarious financial situation the Maverick County budget was in that they agreed to participate in the Texas Housing Finance Corporation Act program as a way to raise monies for the county in order to raise matching grant funds and to support, supplement, and benefit the county’s budget. “We knew exactly what we got into,” seeking to benefit the county’s budget, said Ramos. “We have not been able to benefit from the MCHFC because of the litigation,” added Ramos.
MCHFC Board member and County Commissioner Rios said the county has struggled to provide matching funds for grants and other projects and that the MCHFC was envisioned as another way to supplement limited county resources.
“We knew exactly what we were getting ourselves into, benefitting Maverick County. That’s what we got ourselves into,” Rios said during an exchange with a member of the public. Rios added that the County Commissioners entered into the MCHFC “with the public welfare in mind” of county residents. Rios noted that “we never sought any personal gain, but only sought to help the community.” “We all wanted to stay within the law,” added Rios. The MCHFC is legal under state law.
Bond Counsel Cantu maintained that MCHFC board members have not personally received money from the program and said the corporation’s funds are intended for legally authorized public purposes.
MCHFC Vice-Chairman and County Commissioner Roberto Ruiz stated “everything we are doing is legal” and for 20 years as a public servant “I have failed my constituents and citizens of Maverick County.”
Following the tense questions and answers, the MCHFC Board unanimously approved to a MCHFC procurement policy, the MCHFC 2027 budget, and transfer the $8.9 million deposited in a Maverick County bank account into the MCHFC bank account. County Treasurer Rito Valdez, III suggested that County Commissioners Court may want to also approve this transfer of the $8.9 million to the MCHFC bank account at the next County Commissioners Court meeting.
The only agenda item not approved, but rather tabled was number 4 calling to replace Ramsey English Cantu as signatory on the MCHFC bank account with Roberto Ruiz because Ramsey English Cantu had not yet tendered his letter of resignation from the MCHFC Board.
The Friday meeting brought into public view one of the most detailed explanations to date of how the Maverick County Housing Finance Corporation accumulated millions of dollars, why those funds remained under the county’s control and what could happen next as the MCHFC works through litigation, auditing and the transfer of its funds.
The MCHFC Board meeting on September 4 also acknowledged how the Board made “an administrative error” in not acquiring its own federal tax number (EIN) and opening its own bank account before the first transactions began closing statewide for multi-million apartment complexes.
Another clarification made at the meeting is that after the MCHFC MCHFC Board determines that all its expenses, bonds, and other obligations have been paid, “the net corporate earnings accruing after the determination shall be paid to the local government. The local government shall use amounts received…only to provide for the housing needs of individuals and families of low and moderate incomes..,” according to Section 394.023(b) of the Texas Local Government Code.
