Two Valley Nonprofits Receive $2.9 Million for Colonia Housing
The Department has awarded $2.9 million dollars to the Pharr Housing Community Development Corporation and the Community Development Corporation of Brownsville to build and sell safe, decent, affordable housing in colonias to qualified homebuyers. The funds, awarded through TDHCA's Single Family Colonia Model Subdivision Program, ensure that very low income families looking to purchase a home in a colonia do not move into substandard housing or fall prey to predatory lenders.
Pharr Housing CDC and CDC of Brownsville, awarded $1.4 million and $1.5 million respectively, will use the funds for land acquisition, lot development, construction costs, and down payment assistance for qualified homeowners. Eligible homebuyers must be below 60 percent of the area medium family income (AMFI) and be able to make the required loan payment. Families at or below 30 percent AMFI will be considered by the Department on a case-by-case basis.
Properties must be located in a colonia that has been served by the Texas Community Development Program (colonia set-aside) or an equivalent program that has been utilized to bring water service, sewer (septic may be utilized), paved streets, storm drainage and other improvements necessary and suitable for the development of quality single family housing.