Texas Border Business
MCALLEN, Texas – The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded Affordable Homes of South Texas, Inc. (AHSTI) $1,826,265 through the CDFI Rapid Response Program (CDFI RRP) on June 15, 2021. The CDFI Fund designed the program to disburse the funds rapidly in light of the nationwide economic impacts of the COVID-19 pandemic.
AHSTI is one of 863 CDFI’s across the nation receiving an award. The announcement was made by Vice-President Kamala Harris and Treasury Secretary Janet L. Yellen at a press conference held at The White House.
The CDFI RRP was authorized by the Consolidated Appropriations Act, 2021 (Pub. L. 116-260). Through this award, AHSTI will be able to respond to the economic impact of the coronavirus by continuing to provide affordable loan products for low to moderate-income families within the Rio Grande Valley as it has done over the past 45 years.
We are grateful that these funds were awarded to CDFI’s in underserved communities and in a relatively short amount of time,” says Julian Lopez, Jr. AHSTI Board of Directors President. “With the cost of building materials soaring it is critical that we have the ability to continue helping low to moderate income families achieve the dream of homeownership which positively impacts their lives in so many ways.”
About the CDFI Fund
Since its creation in 1994, the CDFI Fund has awarded more than $3.9 billion to CDFIs, community development organizations, and financial institutions through the Bank Enterprise Award Program, the Capital Magnet Fund, the Community Development Financial Institutions Program, the Financial Education and Counseling Pilot Program, and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $61 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and closed guaranteed bonds for over $1.7 billion through the CDFI Bond Guarantee Program.
For more information about the CDFI Fund and its programs, please visit www.cdfifund.gov.
About Affordable Homes of South Texas, Inc.
Affordable Homes of South Texas, Inc. is a local non-profit organization that provides homeownership opportunities and education for working, qualifying families and individuals. Nationally recognized, AHSTI provides a range of non-profit housing solutions. AHSTI takes on the role of land developers, general contractors and as a full-service mortgage company. In addition, AHSTI is a certified HUD Counseling Agency and provides a multi-cultural, in-house homebuyer education program to all prospective homeowners.
