AUSTIN, TX – March 7, 2009 – (RealEstateRama) — Recognizing that promoting and maintaining homeownership in rural Texas improves the viability of entire communities, the Texas Department of Housing and Community Affairs (TDHCA) and State Representative Pete Gallego have announced two awards to a Uvalde-based nonprofit that will help fund homebuyer assistance and home repairs for area low income residents, providing benefits to numerous residents and the local economy.
TDHCA awarded the Community Council of Southwest Texas $500,000 which will help 50 qualifying households with down payment assistance and another $375,000 to rehabilitate six homes owned and lived in by income eligible residents.
“These awards will have a dramatic and positive impact in the lives of these families and help preserve a higher standard of living,” said State Representative Gallego. “Rural communities too often don’t have the resources to help residents get into a home, let alone keep their home. In addition, the local economy will benefit from the infusion of construction payroll funds and other fees to local governments. I commend TDHCA for this award and their commitment to Texas communities.”
“Promoting homeownership, in a responsible and secure manner, is a critical aspect of the Department’s mission, as it brings stability to families and entire neighborhoods,” noted Michael Gerber, TDHCA Executive Director. “Similarly, repairing existing substandard homes helps preserve homeownership and ensures these communities remain viable. TDHCA is placing families on the road toward financial success, creating more cohesive neighborhoods, and increasing area construction jobs as well as the local tax base.”
Both awards were made through TDHCA’s HOME Investment Partnerships (HOME) Program which allocates grants and loans to help eligible local governments, nonprofit organizations, for-profit entities, and public housing authorities provide safe, decent, affordable housing to low income families.
Homebuyer assistance funds provide down payment and closing cost assistance to qualifying first time homebuyers. Assistance is limited to 6 percent of the home purchase price or $10,000, whichever is greater. Home rehabilitation funds help repair or replace homes owned and lived in by income eligible homeowners. Assistance may include roof repair or replacement, as well as repairs to the electrical and plumbing systems.
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, which for Uvalde County equals an annual income of $34,900 for a family for four.
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 services, energy assistance, and colonia housing programs. The Department annually administers more than $400 million through for-profit, nonprofit, and local government partnerships to deliver local housing and community-based opportunities and assistance to Texans in need.
