According to The Monitor, Affordable Homes of South Texas, Inc. or AHSTI today proclaimed it has received a $600,000 equity-equivalent investment from Wells Fargo & Company to promote the public welfare in targeted areas.
"The investment from Wells Fargo comes at a crucial time as demand for affordable housing continues to increase," says Robert Calvillo, the executive director for AHSTI. "It is inspiring when companies, specifically Wells Fargo, commit to making the American dream of homeownership accessible to more families in need of assistance."
In addition, Jerry Romero, community development officer for Wells Fargo in Greater Texas says that, "Wells Fargo is proud to support AHSTI with a $600,000 investment which will be used for its Revolving Loan Fund that serves as an accessible low-interest financing stream for income-eligible, first-time homebuyers in Hidalgo County. By working together to serve this community, we anticipate financing an estimated 150 mortgages over the next 10 years through this investment, which was generously matched by federal resources provided by the HUD Border Capital Community Initiative for 2015."
The $600,000 investment from Wells Fargo will leverage the $600,000 Border Community Capital Initiative (BCCI) grant the organization received last year through the U.S. Department of Housing and Urban Development (HUD)
The BCCI supports local and rural nonprofits and federally recognized tribes serving colonies with financial and investing activities in terms of affordable housings, small businesses, and community facilities, and/or in securing additional sources of public and private capital for these activities.
This program is intended to encourage access to capital for affordable housing, business lending, and community facilities in the chronically underserved and undercapitalized U.S.-Mexico border region. These funds will be released in the form of mortgages for first time home buyers or small business loans through BCCI Consortium Members
For BCCI, AHSTI will provide expert technical assistance for the project in cooperation with the Community Development Corporation of Brownsville, El Paso Affordable Housing Credit Union, La Union Del Pueblo Entero, Azteca Economic Development and Preservation Corporation, Adult and Youth United Development Association Inc., and Business and Community Lenders of Texas. National Association for Latino Community Asset Builders (NALCAB), consortium co-organizer.
