Austin, TX, April 23, 2019 (GLOBE NEWSWIRE) -- The Community Development Financial Institutions (CDFI) Fund, a part of the U.S. Department of the Treasury, recently awarded a $3.75 million Capital Magnet Fund grant to the Texas State Affordable Housing Corporation (TSAHC). The five-year award will finance the construction or rehabilitation of at least 875 affordable rental units through TSAHC’s Texas Housing Impact Fund.
The Texas Housing Impact Fund provides short and long-term loans to affordable housing developers, with an emphasis on supporting local nonprofit builders. The fund offers several loan products at below market interest rates that can be combined with other financing to give developers the capital they need to create affordable housing in Texas. To date, the Texas Housing Impact Fund has financed the construction or rehabilitation of 217 single family homes and 1,961 rental units for low-income households.
“We’re honored that the CDFI Fund awarded us this highly-competitive grant, and we’re eager to put their generous investment to work by financing the construction or rehabilitation of rental units throughout Texas,” said David Long, TSAHC President. “These funds will primarily help address Texas’ pressing housing needs in rural areas, areas of economic distress, and areas impacted by Hurricane Harvey.”
For more information about TSAHC and the Texas Housing Impact Fund, visit: http://www.tsahc.org/developers-property-managers/loan-products
The Capital Magnet Fund (CMF) provides competitively awarded grants to CDFIs and qualified nonprofit housing organizations to create affordable housing opportunities for low-income households. This year’s CMF grants totaled $142.9 million nationwide and were awarded to 24 CDFIs and 14 nonprofit housing organizations.
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About Texas State Affordable Housing Corporation
The Texas State Affordable Housing Corporation (TSAHC) is a statewide non-profit organization created by the Texas Legislature whose mission is to serve the housing needs of low-income Texans and other underserved populations who do not have comparable housing options through conventional financial channels. For more information, please visit www.tsahc.org.