FOR IMMEDIATE RELEASE
August 5, 2010
Contact: Gordon Anderson 512-475-4743
Jill McFarren 512-475-2844
State housing agency awards CDC of Brownsville $300,000 for homebuyer assistance
(AUSTIN) — The Texas Department of Housing and Community Affairs (TDHCA) today announced a $300,000 award to the Community Development Corporation (CDC) of Brownsville to assist eligible residents with the purchase of their first home, providing greater stability to area low income families and a shot in the arm to the local economy.
Officials with CDC of Brownsville estimate that the award will help provide 30 local residents with down payment and closing cost assistance, helping them achieve the American Dream of homeownership.
“TDHCA believes that providing homebuyer opportunities for any household ready to take that important step is a major part of the Department’s mission,” said TDHCA Executive Director Michael Gerber. “In addition to strengthening families and the vitality of local neighborhoods, homeownership also benefits the regional economy through an influx of construction and remodeling payroll salaries and an increased tax base that helps fund essential public services. We are proud to contribute to an improved quality of life for the residents of Brownsville.”
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. Eligible households may receive loans up to $20,000 for down payment and closing costs in the form of a second or third lien, 0 percent interest, 10-year deferred forgivable loan.
Eligible applicants include qualifying units of local government, public housing authorities, Community Housing Development Organizations and other eligible nonprofit groups, and qualifying for-profit organizations which then work with qualifying households at the local level.
The U.S. Department of Housing and Urban Development is the funding source for the HOME Program. The program serves households earning no more than 80 percent of the area median family income, which for Brownsville equals an annual income of $37,200 for a family for four.
For more information on this award, contact CDC of Brownsville at (956) 541-4955.
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, home ownership opportunities, weatherization, and community-based services for Texans in need.
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