TDHCA Awards $6.4 Million for Self-Help Housing Program
The Department has awarded $6.4 million to 17 nonprofit housing organizations through its Office of Colonia Initiatives' Texas Bootstrap Loan Program. The awards will help these nonprofits provide loans to very low income households who agree to provide at least 60 percent of the labor required to build or improve their home. The Department estimates that these funds will help build or repair a total of 234 homes.
The Texas Bootstrap Loan Program promotes and enhances homeownership opportunities for Texans earning less than 60 percent of the area median family income. Working through certified nonprofit owner-builder programs at the local level, TDHCA provides loans to purchase or refinance real property on which to improve existing or new residential housing using "sweat equity."
This funding represents program awards for fiscal years 2006 and 2007. Two-thirds of the available funds must go to owner-builders whose property is located in an Economically Distressed Area (EDA) county as defined by the Texas Water Code, the majority of which are located along the Texas-Mexico border. The remaining one-third is available on a statewide basis.