February 21, 2013
Gordon Anderson (512) 475-4743
State housing agency’s $3 million loan to expand affordable rental market, housing choice in Midland
(AUSTIN) — The Texas Department of Housing and Community Affairs (TDHCA) today announced that it will help finance the construction of a new mixed-income rental property in Midland, expanding housing options for area residents in the midst of a severe housing crunch.
TDHCA awarded a $3 million loan to a nonprofit housing organization constructing the 156-unit Champion Homes at Tahoe Lake. In exchange for this financing, the development will set aside 32 units to serve households whose annual income does not exceed 80 percent of the area median family income.
For Midland, this equals an annual income of $53,500 for a family of four.
“The Department recognizes Midland’s tremendous need for affordable rental housing, and today’s announcement will help expand housing options for the city’s growing population of young working families,” said TDHCA Executive Director Tim Irvine. “Given the city’s current economy and its affect on housing availability and costs, public-private partnerships like this play an important role in providing much needed workforce housing.”
TDHCA made the loan through its HOME Investment Partnerships (HOME) Program which is funded by the U.S. Department of Housing and Urban Development. The program’s goal is to expand the supply of decent affordable housing while strengthening public-private housing partnerships.
In addition to helping finance the development of affordable rental housing, the HOME Program provides down payment and closing cost assistance to qualifying homebuyers, home repair or replacement assistance for income eligible homeowners, rent payment assistance to low income households, and a number of other housing related activities.
Funds are provided to eligible (primarily rural) cities, counties, public housing authorities, and both nonprofit and for-profit developers that work directly with low-income residents at the local level.
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.
- 30 -