Homes in Texas Foreclosure Listings Given Lift Through TSAHC

by Simon Lindsay on States

A program related investment worth $500,000 was provided to the Texas State Affordable Housing Corporation (TSAHC) by the Meadows Foundation. TSAHC is currently in collaboration with several nonprofit home providers to acquire vacant properties and homes that are under Texas foreclosure listings.

The housing corporation reveals that the investment will be used to finance bank owned foreclosures and other types of foreclosed houses, as well as vacant residential properties that the corporation is rehabilitating and developing under its Affordable Communities of Texas (ACT) land banking project.

After the bank house foreclosures and vacant properties have been rehabilitated, they will be rented or sold to low income households within counties served by the nonprofit organizations that act as TSAHC partners. So far, there are 195 foreclosed houses and vacant lands that are under contract with the ACT project, most of which were purchased using funds provided by the Neighborhood Stabilization Program (NSP).

According to TSAHC, the ACT program was established to improve the condition of neighborhoods that have suffered from high foreclosure rates and big number of households having their homes under Texas foreclosure listings. Vacant and abandoned properties have also contributed to the blight suffered from by most communities in Texas, a situation that TSAHC will try to change with the help of nonprofit groups and contributions like the one from Meadows.

Officials from TSAHC have thanked the Meadows Foundation and have revealed that – since funds from the NSP are used primarily in purchasing properties like bank foreclosed dwellings, foreclosed federal homes and abandoned houses – the investment will then be used to finance the rehabilitation and construction of residences that will be provided to low income residents throughout the state. Officials also reveal that the corporation plans to rehabilitate 35 houses using the investment, which will bring them closer to their aim of redeveloping over 200 foreclosed houses and converting them into affordable homes within a period of five years.

TSAHC aims to continue its program of improving neighborhoods in the state by purchasing homes under Texas foreclosure listings and transforming them into affordable home units for low income residents and families.