FOR IMMEDIATE RELEASE
October 20, 2011
Senator Eddie Lucio Jr. was proud to celebrate with local housing organizations, Wednesday, as over $250,000 was invested in Rio Grande Valley community projects.
"These funds will benefit working families in some of the poorest parts of Cameron, Hidalgo, and Willacy County," Senator Lucio said.
Representatives of the Federal Home Loan Bank of Dallas, Lone Star National Bank, and International Bank of Commerce joined Senator Lucio in a check presentation to the Community Development Corporation of Brownsville (CDCB) and Proyecto Azteca. Both organizations received a $140,000 Affordable Housing Program (AHP) grant to assist in the development or rehabilitation of very low-income homes for families living in South Texas.
"I am grateful to FHLB Dallas for supporting affordable housing in South Texas," said Senator Lucio. "I congratulate the CDCB and Proyecto Azteca on the award. In an age of political dysfunction, this is a welcomed example of how state government, non-profits, and private businesses can work together to improve the lives of working families in our communities."
Lone Star National Bank facilitated the grant for CDCB, which will result in the creation or rehabilitation of family homes for low-income families in Cameron and Willacy counties. International Bank of Commerce facilitated the grant for Proyecto Azteca, which will assist families with down payment and closing costs on newly constructed homes in Hidalgo County.
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants issued through its member financial institutions to aid in the development of affordable owner-occupied and rental housing for very low- to moderate-income households.