Texas State Affordable Housing Corporation Receives a $500,000 Investment From the Meadows Foundation

Jun 11, 2010, 06:00 ET from Texas State Affordable Housing Corporation

AUSTIN, Texas, June 11 /PRNewswire-USNewswire/ -- The Texas State Affordable Housing Corporation (TSAHC) has been awarded a program related investment in the amount of $500,000 by the Meadows Foundation.  The investment will support construction financing for the rehabilitation and development of foreclosed and vacant properties purchased through TSAHC's Affordable Communities of Texas (ACT) land banking program.  

Currently, TSAHC is 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 will be sold or rented to low and very-low income households located within the 21 counties across Texas our nonprofit partners serve. The goals of the ACT 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.  To date, TSAHC has 195 foreclosed homes and vacant lots under contract through the ACT program using primarily Neighborhood Stabilization Program (NSP) funding from the State of Texas.  

"We are very grateful to the Meadows Foundation for this support," said David Long, TSAHC President. "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.  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's 16 nonprofit partners are: Accessible Housing Austin, Affordable Homes of South Texas, Inc., Business and Community Lenders of Texas, Brazos Valley Affordable Housing Corporation, Builders of Hope, Inc., Community Development Corporation of Brownsville, Crossroads Housing Development Corporation, DM Ministries, Frameworks Community Development Corporation, Hestia Affordable Development, Motivation, Education and Training, Inc., Neighborhood Housing Services Waco, People Trust, San Antonio Alternative Housing, Statewide Community Development Corporation, and United Riverside Rebuilding Corporation.

TSAHC's nonprofit partners serve the following counties: Angelina, Bastrop, Bexar, Brazos, Caldwell, Cameron, Dallas, Dimmitt, Hays, Hidalgo, Hill, Howard, Jefferson, Maverick, McLennan, Nacogdoches, Shelby, Smith, Tarrant, Travis, and Willacy.

The Meadows Foundation is a private philanthropic institution established in 1948 by Algur H. and Virginia Meadows to benefit the people of Texas.  The Foundation's mission is to assist the people and institutions of Texas improve the quality and circumstances of life for themselves and future generations.  The Foundation looks for programs and services that employ imaginative, innovative ways to solve community problems through projects leading to organizational self-sufficiency and in capital plans that enable agencies to flourish. Since its inception, the Foundation has disbursed over $660 million in grants and direct charitable expenditures to over 2,900 Texas institutions and agencies.  

Texas State Affordable Housing Corporation (TSAHC) is a non-profit organization created by the Texas Legislature for the promotion of 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 innovative and unique housing programs, TSAHC facilitates affordable housing primarily for Texans who do not have comparable options through conventional financial channels. All TSAHC programs are offered statewide, with special attention given to rural areas and other select target areas.

SOURCE Texas State Affordable Housing Corporation