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March 3, 2008

Affordable Housing Opportunities Highlighted by Avenue Community Development Corporation, Mayor Bill White

Monday, March 10, 2008 at 11:00 a.m. - Mayor Bill White Presentation
4515 Terry Street Houston, Texas 77009

At Monday's celebration, Avenue Community Development Corporation (CDC) will unveil three completed homes and introduce the soon-to-be homeowners. The homes feature three bedrooms and two bathrooms, 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 non-profit group also will introduce ten additional homes for sale two blocks away and will recognize one of its biggest supporters, PMI Group, Inc. Since 2001, PMI has provided Avenue with a $125,000 revolving fund, which has helped Avenue develop 38 affordable homes.

Mayor Bill White will discuss the latest news regarding the City's Houston Hope program. The goal of Houston Hope 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. This program allows homebuyers to invest in their futures by building equity in their homes.

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: 713-864-8099 or www.avenuecdc.org.