POSTED: Tuesday, December 21, 2010 - 5:52pm
UPDATED: Wednesday, December 22, 2010 - 9:25am
Affordable Homes of South Texas, Inc. is trying to reach a $2 million mark to help families in need build homes.
For their 35th Anniversary Affordable Homes of South Texas, Inc. is starting their new Homes/Community/Hope Fund to provide home ownership opportunities for working low-income families.
"Our goal is $2 million dollars. Those funds will be used to build homes, acquire additional properties," said Paul Rodriguez, Affordable Homes.
The Hope Fund is a social investment initiative designed to encourage community leaders to invest in their community.
"Yesterday we were pleased to receive a $500 thousand loan. The first one from Loan Star National Bank, whose participated with Affordable Homes and McAllen Affordable Homes for many years," said Rodriguez.
Even though Affordable Homes is not setting a deadline to get the $2 million, they are trying to get the investment as soon as possible because on average they build about 100 homes a year. So this large investment can really help the growing need.
"But it's not just for banks, the first investor was Lone Star, but the business community can get involved, individuals can get involved ," said Bobby Calvillo, Affordable Homes Executive Director.
Part of the money goes towards purchasing larger plots of property to build the new homes.
Taylor Crossing Subdivision is just one of the many building sites across the Valley. When all the plots are filled, there will be a 154 homes.
On average, it takes about $65 thousand to build a new home.
"The neat thing about the way our organization is the money continues to revolve. So when the family pays us back with interest, that principle interest goes back to build another house," said Calvillo.
There are over 640 people on a waiting list for homes and 600 lots available ready for building. All Affordable Homes is waiting on is this increase in funds to continue the building.