Latest news with #TexasDepartmentofHousingandCommunityAffairs
Yahoo
19-02-2025
- Business
- Yahoo
Low-income loan program in Texas celebrates 25th anniversary
AUSTIN (KXAN) — A loan program designed to help low-income residents achieve homeownership is celebrating an anniversary. Today, the Texas Department of Housing and Community Affairs (TDHCA) is recognizing 25 years of their Texas Bootstrap Loan Program (Bootstrap), one of the state's most successful, cost-effective programs, according to a press release. 'We're honored to celebrate our amazing Bootstrap administrators and dedicated, hard-working Texas families who prove that having a home—a safe, livable home—can be a reality,' said Bobby Wilkinson, TSHCA Executive Director. The funding for Bootstrap comes from the state's Housing Trust Fund. Today, a majority of the loan repayments made by prior Bootstrap loan recipients help fund loans for future Bootstrap loans, thus affording a self-sustaining funding source for the program and overall savings to the state, said the same release. Throughout Texas, 2,200 homes with more than $68 million in home loans are directly linked to the Bootstrap. Two program requirement options for the borrower: Provide at least 65% of the labor necessary to build or rehabilitate the proposed housing. Provide an amount of labor equivalent to the required amount by working through a state-certified owner-builder housing program. The loans provided to low-income families, or those making up to 80% of the area median family income, cannot exceed $45,000 per house and can be combined with other funding sources such as those from private lending institutions, local government, nonprofits, or any other sources, according to the release. As for requirements for the TDHCA, they must set aside at least two-thirds of the annual available finds for owner-builders whose property is in a census tract that has a median household income that is not greater than 75% of the median state household income for the most recent year for which statistics are available. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
13-02-2025
- Business
- Yahoo
Abilene city council changes mind, gives support to income-based housing project downtown
ABILENE, Texas () – The Abilene City Council has changed their mind and is now giving support to an income-based housing project proposed for downtown. Overland Property Group approached council once again Thursday to seek their support for the project, Landmark on Cypress, which would bring 49 units to a historic building located at 301 Cypress Street. 'Landmark on Cypress would be an opportunity to bring mixed-income housing to Abilene's downtown, contributing to Downtown Abilene's revitalization efforts and goals,' Overland Property Group explains. This housing project is designed to accommodate all income levels. A certain percentage of each of the 49 units will be available to the following income tiers $17,000 to $28,100 a year – 4 units available $28,200 to $46,700 – 8 units available $33,850 – $56,050 – 25 units available $56,000+ – 12 units available Abilene City Council rejects support of low-income housing downtown Overland Property Group also plans to use this project as an opportunity to revitalize downtown while preserving some of Abilene's history, as they would be seeking to make Landmark on Cypress a National Historic Landmark. After hearing additional information on the project, city council members gave a near-unanimous vote in support, with councilmember Blaise Regan being the only vote against, citing negative feedback from the community. 'After going back to the other business owners, and saying, hey, does this change this for you (mixed use),' Regan explains. 'Because we are conduits of business there, this is a letter of support, so we have to represent what the people want, and my by and large feedback has been no.' Since Landmark on Cypress now has support from the Abilene City Council, the Overland Property Group has a better chance at securing a grant from the Texas Department of Housing and Community Affairs that would help fund the project. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
