August 6, 2019
Texas Capital Community Development Corporation (TCCDC), a wholly-owned subsidiary of Texas Capital Bank, has awarded the Texas State Affordable Housing Corporation (TSAHC) a $1.5 million community development loan. This three-year investment expands upon TCCDC’s initial investment of $750,000 in 2017 and will finance the construction or rehabilitation of affordable single family and multifamily homes through TSAHC’s Texas Housing Impact Fund.
The Texas Housing Impact Fund provides short and long-term loans to affordable housing developers, with a focus on empowering the local nonprofit builders that create healthy, high-quality living environments for low-to-moderate income Texans. By offering a variety of loan products at below market interest rates, the fund ensures that developers have the capital they need to build affordable housing options in Texas. To date, the Texas Housing Impact Fund has provided more than $15 million in financing to support the construction or rehabilitation of 217 single family homes and 1,988 rental units for low and moderate-income households.
Texas Capital Bank and its subsidiary Texas Capital Community Development Corporation have also awarded TSAHC a renewable, three-year $15,000 grant in conjunction with the community development loan. This grant will also provide critical support to the fund, allowing TSAHC to keep interest rates low for partner developers and to provide more funding for quality housing developments.
“We are very grateful to Texas Capital Bank and the Texas Capital Community Development Corporation for their continued support,” said David Long, TSAHC President. “The original investment enabled TSAHC to provide below market-rate financing for The Chicon, a 28-unit condominium complex constructed by Chestnut Neighborhood Redevelopment Corporation in East Austin. This renewed investment will enable us to finance the construction or rehabilitation of at least 30 additional homes over the next three years, giving 30 more Texas families a safe, affordable place to call home.”
“We are more than happy to support TSAHC in their financing of affordable housing projects,” said Robert Franco, Senior Vice President for Texas Capital Bank. “This investment in TSAHC’s Texas Housing Impact Fund increases the availability of high quality affordable housing in the communities we serve and reinforces our commitment to Texas families.”
For more information about TSAHC and the Texas Housing Impact Fund, visit: http://www.tsahc.org/developers-property-managers/loan-products