(AUSTIN) — Recognizing that homeownership is the key to creating stable families and communities, the Texas Department of Housing and Community Affairs (TDHCA) has announced a major funding award to an El Paso nonprofit organization that will assist eligible residents with the purchase of their first home and provide economic benefits to the local construction industry.
TDHCA awarded $208,000 in homebuyer assistance funds to the El Paso Collaborative for Community and Economic Development which will provide 20 households with down payment and closing cost assistance.
“El Paso County is a vibrant, growing county, but unfortunately the housing market has outpaced the income of some residents,” said Michael Gerber, TDHCA Executive Director. “These funds will help families overcome the biggest obstacle many homebuyers face: meeting the down payment and closing cost requirements.
“Promoting homeownership is a critical mission of the Department,” he continued. “Besides helping to strengthen families and neighborhoods, these funds will help generate local construction jobs and increase area employment opportunities. We’re proud to help the El Paso Collaborative and contribute to an improved quality of life for all county residents.”
TDHCA awards homebuyer assistance funds to eligible applicants through the Department’s HOME Investment Partnerships (HOME) Program, which helps 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. Eligible applicants include qualifying units of local government, public housing authorities, Community Housing Development Organizations and other nonprofit groups, and qualifying for-profit organizations.
The U.S. Department of Housing and Urban Development (HUD) is the funding source for the HOME Program. The program is designed to serve households earning no more than 80 percent of the area median family income. For El Paso County, this equals an annual income of $34,900 for a family for four.