August 5, 2010
Gordon Anderson (512) 475-4743
State awards $125,000 to expand homeownership in Central, North Texas through new program
(AUSTIN) — The Texas Department of Housing and Community Affairs (TDHCA) today announced a $125,000 award providing a nonprofit housing organization serving Austin, Arlington, and Carrollton with matching funds, helping it meet its goal of helping 230 low income households purchase their first home.
The award announced today was made to Foundation Communities, a nonprofit organization providing affordable housing and supportive services for low income individuals and families. Foundation Communities will utilize the award as matching funds to apply for $250,000 in funds through the U.S. Department of Health and Human Services to match the assets of potential homebuyers, helping these households save for a down payment. The award could potentially help the organization leverage a total of $375,000 from all funding sources.
“TDHCA is committed to increasing the ability of our nonprofit housing partners to develop affordable housing and meet their mission in service to low income residents of Central and North Texas,” said Michael Gerber, TDHCA Executive Director. “We are very excited about the potential for this new funding program as it provides our housing partners the tools to increase affordable housing, resources they otherwise might not have the opportunity to access.”
The award was made through the Affordable Housing Match Program, a new initiative part of TDHCA’s Housing Trust Fund. The program’s mission is to provide Texas-based nonprofit organizations, Community Development Financial Institutions, and rural cities and counties the direct match funds needed to apply for other sources of housing funds that, without the required direct match, may otherwise not be obtained.
The Housing Trust Fund is Texas’ only state-funded program for the acquisition, rehabilitation, and new construction of affordable housing. Funds are awarded to rural cities and counties, nonprofits serving rural cities and counties, or consortia of several such entities.
The Department places a strong emphasis on allocating Housing Trust Fund awards to properties catering to rural communities, elderly individuals, persons with disabilities, and extremely low income households. The Affordable Housing Match Program is designed to serve households earning no more than 80 percent of the area median family income.
For more information about this award, contact Foundation Communities at (512) 447-2026.
About the Texas Department of Housing and Community Affairs
The Texas Department of Housing and Community Affairs administers a number of state and federal programs through for-profit, nonprofit, and local government partnerships to strengthen communities through affordable housing development, homeownership opportunities, weatherization, and community-based services for Texans in need.
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