State housing agency makes $190,000 investment in southeast Texas through homebuyer assistance

May 10, 2011

by TDHCA

Category: News || Housing & Development, Property, Rentals, Transactions | No Comments

AUSTIN, TX – May 10, 2011 – (RealEstateRama) — The Texas Department of Housing and Community Affairs (TDHCA) today announced a $190,2651 award to a Houston-based nonprofit housing finance agency assisting eligible residents in eight southeast Texas counties and 11 cities purchasing a home of their own, providing greater stability to area low income families and a shot in the arm to the local economy.TDHCA made the award through its HOME Investment Partnerships (HOME) Program to the Southeast Texas Housing Finance Corporation (SETHFC), which the organization will use to provide nine households with down payment and closing cost assistance and helping them achieve the American Dream of homeownership.

SETHFC serves rural portions of Austin, Brazoria, Chambers, Galveston, Liberty, Matagorda, Walker and Wharton counties, in addition to the cities of Baytown, Deer Park, Dickinson, La Marque, La Porte, League City, Pasadena, Santa Fe, Shoreacres, Texas City, and Tomball.

“TDHCA is committed to enhancing homeownership opportunities for families ready to take that important step and achieve their dreams,” stated Michael Gerber, TDHCA Executive Director. “Besides helping bring greater stability to families and neighborhoods, the award will help create new construction and remodeling jobs, generate an influx of wages and salaries into the local economy, and increase the local tax base.”

“Southeast Texas Housing Finance Corporation is extremely excited to receive this award, knowing that these funds will move very quickly,” said SETHFC Executive Director Ron Williams. “We salute TDHCA for designing a remarkably responsive method for service delivery and greatly appreciate the strong working relationship we enjoy with HOME Program staff. My organization and I look forward to continuing this partnership to the benefit of the residents of this region.”

TDHCA’s HOME Program homebuyer assistance comes in the form of down payment and closing cost assistance for eligible households purchasing a single-family home. Eligible participants may receive loans up to $20,000 for down payment and closing costs. Assistance will be in the form of a 2nd or 3rd lien, 0 percent interest, five- or 10-year deferred forgivable loan, subject to the amount of assistance provided.

Eligible applicants include qualifying units of local government, public housing authorities, Community Housing Development Organizations and other nonprofit groups, and qualifying for-profit organizations which then work with eligible households at the local level.

The U.S. Department of Housing and Urban Development is the funding source for the HOME Program. The program serves households earning no more than 80 percent of the area median family income. For more information about this award, please contact the Southeast Texas HFC directly at (281) 484-4663.

About The Texas Department of Housing and Community Affairs

The Texas Department of Housing and Community Affairs is the state agency responsible for affordable housing, community and energy assistance programs, and colonia activities. The Department currently administers $3 billion through for-profit, nonprofit, and local government partnerships to deliver local housing and community-based opportunities and assistance to Texans in need.

Contact:
Gordon Anderson 512-475-4743
Jill McFarren 512-475-2844