HOUSTON, March 10 /PRNewswire-USNewswire/ -- Avenue Community Development Corporation (Avenue CDC) continues to make homeownership a reality for many low-income families in the Houston Community. The non-profit organization is proud to showcase its newest homes available in Near Northside Houston. Avenue CDC, along with The PMI Group, Inc. and the City's Houston Hope Initiative, is making a positive impact in Houston by helping revitalize neighborhoods, as well as helping families realize their dream of homeownership.
"We are excited to introduce our newest homes in Houston's Near Northside to prospective homebuyers," said Mary Lawler, Avenue CDC Executive Director. "These energy-efficient homes are attractive, well-built, and overall a great value. Homeownership benefits families by enabling them to accumulate equity for future educational and retirement needs, and it benefits our community because homeowners tend to become active in civic activities."
The newest completed homes, on Terry Street in Near Northside, are three-bedroom, two-bath homes, priced between $109,900 and $135,000. Each homebuyer will receive a $30,000 subsidy from the City's Houston Hope program, as well as a $5,000 interest-free subordinate loan from Avenue CDC. The buyers' bank mortgages will range between $75,000 and $100,000, with estimated monthly payments ranging from $750 to $950 (including taxes and insurance).
"My experience with Avenue CDC was very rewarding. I left my rented home to live with my mom and save money. The counselors at Avenue CDC were very helpful. They helped me to set goals and write a plan to achieve them. Throughout the process they assisted me along the way. They helped me find a bank that would help me with my credit report. I was sent to classes to get started in a savings program. Through months of cleaning up my credit and making sacrifices, I was ready to fill out a loan application. With a lot of prayers and patience, my hard work paid off. My family and I are very proud of what we've accomplished," Melissa Rincon, recent Avenue CDC homebuyer.
One of Avenue CDC's biggest supporters is The PMI Group, Inc., which, in 2001, provided Avenue CDC with a $125,000 revolving fund, which has helped the group develop 38 affordable homes.
"Through the Gateway Cities Initiative, PMI is able to help underserved communities address affordable housing challenges and provide expanded homeownership opportunities," said Taia Lockhart, Vice President of Housing Advocacy at The PMI Group, Inc. "PMI is committed to helping more families and individuals become homeowners. We are excited to work with Avenue CDC on this initiative to support community revitalization."
Currently Avenue CDC has eight additional homes available for purchase in Near Northside on Delaney and Frawley Streets with prices starting at $132,000. Low-income buyers can qualify for up to $30,000 in assistance from the City of Houston, as well as up to $32,000 as an interest-free subordinate loan from Avenue CDC, putting monthly payments as low as $780 for a three-bedroom, 2.5-bath home with a one-car attached garage.
Avenue CDC's programs would not be possible without the support from the City's Houston Hope Initiative, whose goal is to build strong neighborhoods with affordable housing that meet the needs of current residents and are attractive to new and returning families. Eligible homebuyers can receive up to $30,000 in down payment assistance through the City's Housing Assistance Program, allowing homebuyers to invest in their futures by building equity in their homes.
"Houston is a great city of opportunity," said Mayor Bill White. "Through this effort we have a golden opportunity to help Houstonians build wealth through home ownership, strengthen some of our historic neighborhoods and work with committed partners like Avenue CDC."
Other services provided by Avenue CDC include: Homebuyer Education and Counseling, Home Rehabilitation; Affordable Rental Housing; Historic Preservation; Economic Development; and Environmental Initiatives. In 2007, the non-profit organization provided 500 families with pre-and post-purchase housing education and counseling; assisted 71 families in purchasing a home through homeownership counseling, down payment, closing cost or financing assistance; developed 10 affordable housing units; asset managed 332 affordable rental units; and provided supportive services to residents of 298 apartments in four complexes, including after-school educational and recreational programs.
Plans in the very near future include a complete Homeownership Center which will provide low-income households with easy access to free home-buying education and counseling services. It will offer classes in both Spanish and English on alternating Saturdays. The Center also will offer individual counseling to low-income families through the process of applying for a mortgage and purchasing a home.
About Avenue CDC
Avenue CDC is a non-profit organization dedicated to revitalizing Houston's Washington Avenue and Near Northside community by developing affordable housing and economic opportunities, while preserving the area's economic, cultural, and historical diversity. In the last eight years, Avenue CDC has helped revitalize the Houston community by leveraging more than $35 million in investments, including the development of 63 single-family homes and 325 rental units. Avenue CDC provides free homebuyer education and counseling services to more than 500 families each year. For more information: 713-864-9099 or http://www.avenuecdc.org/.
About The PMI Group Inc.
In the United States, The PMI Group Inc., (PMI) is a recognized leader in affordable housing. PMI and The PMI Foundation support national and local organizations that create housing opportunities and help revitalize communities. By providing affordable housing options for low- to moderate- income borrowers, PMI helps families build wealth through homeownership. PMI's sponsorship of Avenue CDC is part of PMI's Gateway Cities Initiative, a revolving fund that finances the construction or rehabilitation of homes in low-income neighborhoods. PMI has successfully implemented Gateway neighborhoods in cities across the United States, including Los Angeles, CA, Houston, TX, and Chicago, IL. For more information about PMI, visit: http://www.pmigroup.com/.
