TDHCA Awards $15.7 Million to Help Low Income Households with Home Repairs, Homebuyer Assistance
TDHCA recently awarded $15.7 million in funds to 54 cities, counties, and nonprofit organizations that submitted applications to TDHCA's Texas Homeownership Division. The awards were composed of deobligated funds from the HOME Investment Partnerships (HOME) Program, and recipient organizations will utilize the awards to fund home repairs or down payment assistance for 344 low, very low, and extremely low income households.
The TDHCA Governing Board approved the HOME Program allocations in two separate awards. The first award totaled $6.66 million in deobligated HOME Program funds to 33 applicants from cities, counties, and nonprofit organizations that previously received partial funding through the 2002-2003 HOME Program. The Board also approved $9.08 million in deobligated HOME Program funds to 25 applications that scored well in the 2002-2003 application cycle but that did not receive an award.
For a list of the award recipients, as well as funding amounts and what activities the award will fund, please read the TDHCA news release (PDF).
All but three of the 58 contracts will assist with the repair of single family homes owned and occupied by low income individuals and families. The three other contracts provide down payment and closing cost assistance to eligible homebuyers. Home repair activities include roof repair or replacement, electrical system improvements, and plumbing repairs. In the event the home repair exceeds the value of the home, the award recipient may use the funds to tear down the home and build a new structure.
In January 2002, TDHCA adopted a deobligation policy to ensure the Department efficiently uses program funds recaptured or returned by award recipients. In accordance with the policy, TDHCA may use unexpended awards, loans, grants, or program income to address successful appeals, disaster relief efforts, special needs households, programs targeting colonia residents, or for other worthy projects identified by TDHCA’s Executive Director or Governing Board.