Foreclosed homes, vacant properties in Travis, Hays, Bastrop counties to get makeovers
Foreclosed homes and vacant lots in 21 Texas counties—including Travis, Hays and Bastrop—will be rehabilitated or developed thanks to a $500,000 investment from the Dallas-based Meadows Foundation.
The money will support construction financing for foreclosed and vacant properties bought through the Texas State Affordable Housing Corp.’s Affordable Communities of Texas (ACT) program. The housing corporation is working with 16 nonprofit housing providers across Texas, including several in the Austin area, to purchase the properties.
The properties will be sold or rented to low-income households. So far, the housing corporation has 195 foreclosed homes and vacant lots under contract through the ACT program using primarily Neighborhood Stabilization Program (NSP) funding from the state.
“We are very grateful to the Meadows Foundation for this support,” says David Long, president of the Austin-based housing corporation.
“While the NSP funding is limited to property acquisition, this award from the Meadows Foundation will enable us to provide financing for the construction and rehabilitation of more than 35 homes for low-income families and individuals throughout Texas,” Long said. “This award gets us one step closer to our goal to redevelop more than 200 foreclosed and vacant properties into affordable housing in the next five years.”
The Meadows Foundation is a private philanthropic institution established in 1948 by Algur H. and Virginia Meadows to benefit the people of Texas.
The Texas State Affordable Housing Corp. is a nonprofit organization created by the Texas Legislature to promote public health, safety and welfare via safe, decent and affordable housing for low-income Texans and other underserved populations.