MARKS NONPROFIT’S INVESTMENT IN THE CITY
Affordable Home of South Texas, Inc. held a ribbon cutting ceremony on their model home in Morning Star Subdivision in Rio Grande City. The event marked the beginning of a 5-year development commitment from the nonprofit to build on 49 lots in the subdivision.
“Home ownership is the cornerstone of a strong community,” said Mayor Joel Villarreal. “Thank you Affordable Homes of South Texas for partnering with the Rio Grande City EDC and the City of Rio Grande City in helping families realize the dream of home ownership.”
AHSTI’s program is unique as compared to traditional lenders and builders. The financing structure that AHSTI uses enables the home to become affordable for low to moderate-income families. Also, since AHSTI is the builder, lender, and loan servicer the program is a little more flexible in some of its requirements. The program is specifically designed for households earning 80% of the area median income or below which, for example, is about $40,700 for a household size of 3.
Also joining the celebration was the first AHSTI homeowners in the subdivision. Mr. And Mrs. Cayetano Arevalo closed on their home just a few weeks before the ribbon cutting.
In addition to the 49 lots, a subsidiary entity of AHSTI, Framework Homes also owns an additional 38 lots in the neighborhood. They build homes that are in a slightly higher price range for families that exceed the income limits of the AHSTI program.