Texas Border Business
McAllen, Texas– Texas Community Bank recently contributed $5,000 to Affordable Homes of South Texas, Inc. (AHSTI). The investment is in support of the organization’s affordable housing program. They also contributed another $5,000 to Proyecto Azteca, an organization in San Juan, Texas that has helped hundreds of low-income families living in South Texas’colonias to finance and build new homes.
Roger Moreno, Texas Community Bank Executive Vice President stated, “Making a difference in the community we serve is important to Texas Community Bank.” He continued, “that includes ensuringthatRGV residents have enough resources and information to help better themselves.”
AHSTI’s affordable housing program is unique as compared to traditional lenders and builders. The financing structure that AHSTI uses enables the home to become affordable for low to moderate-income families. Also, since AHSTI is the builder, lender, and loan servicer the program is a little more flexible in some of its requirements. The program is specifically designed for households earning 80% of the area median income or below which, for example, is about $40,700 for a household size of three.
“As a community bank, we make various investments into our community. We believe there is no better investment than the opportunity to partner with AHSTI and provide a safe, secure and educational environment for the very ones that made our community what it is today,” stated Lisa Cantu, Vice President – Business Development Officer of Texas Community Bank.
Affordable Homes of South Texas, Inc. is a local non-profit organization that provides homeownership opportunities and education for working low-income families. Nationally recognized, AHSTI provides a range of non-profit housing solutions. Affordable Homes of South Texas, Inc. 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 pre-purchase counseling, and group education program for all its clients.
Proyecto Azteca, a non-profit self-help construction company located in San Juan, Texas, serves low-income families in colonias and other rural areas in Hidalgo County. In 1991, the United Farmworkers of America, Texas Rural Legal Aid, and the Texas Low Income Housing Information Service came together to respond to the housing crisis in Texas’ Rio Grande Valley Colonias and developed Proyecto Azteca.
In the first year, Proyecto Azteca organized self-help construction with just 4 families. Today, Proyecto Azteca is a nationally recognized, community-directed organization. It has financed and trained more than 600 families in the construction and first-time ownership of their own homes in over 150 colonias and rural areas.
In 2012 Proyecto Azteca broke new ground in Edcouch and began the construction of the first neighborhood of all Silver-LEED (Leadership in Energy & Environmental Design) homes south of Austin. With the financial support of an anonymous donor, six families in Lynchburg received solar panels and have had serious reductions in the cost of their electricity bills. All the homes are energy efficient and completely weather sustainable.
Proyecto Azteca homes are built at 0% interest and monthly payments include property taxes and home insurance.
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