State housing agency commits $2.3 million loan toward major upgrades to Victoria rental property

(AUSTIN) — The Texas Department of Housing and Community Affairs (TDHCA) today announced that it will finance the rehabilitation of a 41-year old affordable rental property in Victoria, preserving the housing options of area low-income families and keeping the community a healthy, vibrant one.   

TDHCA approved a $2.3 million loan to Housing and Community Services, Inc., a San Antonio-based nonprofit housing organization making significant improvements to the 50-unit Houston House Apartments, located at 103 Cornwall Drive.

“The Department recognizes Victoria’s need for quality affordable rental housing, and today’s announcement will preserve housing choices for the city’s younger working families,” said TDHCA Executive Director Tim Irvine. “Maintaining the city’s existing housing stock also ensures the community maintains both its workforce and a vibrant, diverse population, while maximizing the state’s resources.”

Today’s award was made through TDHCA’s Multifamily Direct Loan Investment Partnerships (HOME) Program, a federal program that provides funding in the form of repayable, low-interest loans to public housing authorities and both nonprofit and for-profit entities for the new construction or rehabilitation of affordable multifamily rental developments.

The loan to Housing and Community Services was made through a HOME set-aside fund specifically designed to assist Community Housing Development Organizations (CHDOs), certified nonprofit organizations that make the development of affordable housing a primary component of its mission.

While most funds under the HOME Program may serve households earning up to 80 percent of the area median family income, the CHDO set-aside is designed to serve households earning no more than 60 percent of the area median family income. For Victoria, this equals an annual income of $32,520 for a family for four.