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Texas State Affordable Housing Corporation Awarded $500,000

The ""Texas State Affordable Housing Corporation"":http://www.tsahc.org/home/default.php (TSAHC) recently received a program-related investment in the amount of $500,000 from the Meadows Foundation, a private philanthropic institution based in Dallas, Texas.


According to TSAHC, this award will support construction financing for the rehabilitation and development of foreclosed and vacant properties purchased through its Affordable Communities of Texas (ACT) land banking program. The organization said it is currently working with 16 nonprofit housing providers across Texas to acquire foreclosed homes and vacant lots that will be developed or rehabilitated using the investment from the Meadows Foundation.

The properties purchased and rehabilitated through the ACT program will be sold or rented to low and very-low


income households located within the 21 counties across Texas that TSAHC's nonprofit partners serve. The goals of this program are to stabilize neighborhoods plagued with high rates of foreclosure and vacant properties and to provide housing for low and very-low income households, TSAHC said.

To date, TSAHC has 195 foreclosed homes and vacant lots under contract through the ACT program. The corporation said it has primarily used Neighborhood Stabilization Program (NSP) funding from the state in order to acquire these homes.

""While the NSP funding is limited to property acquisition, this award from the Meadows Foundation will enable us to provide financing for the construction and rehabilitation of more than 35 homes for low income families and individuals throughout Texas,"" said David Long, president of TSAHC. ""This award gets us one step closer to our goal to redevelop more than 200 foreclosed and vacant properties into affordable housing in the next five years.""

TSAHC was created by the Texas Legislature in an effort to promote public health, safety, and welfare through the provision of safe, decent, and affordable housing for low-income Texans and other underserved populations. Through the development and administration of its housing programs, all of which are offered statewide, the organization facilitates affordable housing primarily for Texans who do not have comparable options through conventional financial channels.

About Author: Brittany Dunn


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