HAUCDC has partnered with the DMA Companies to build Altura Heights, adding 124 new, affordable apartments in Houston. This public-private partnership is an example of
the success achieved when all the sectors team up for affordable workforce housing!
A Successful Program with Exceptional Results
Homes With Honor provided qualifying U.S. Military Veterans with the opportunity to purchase quality homes at significant discounts. Local non-profit housing organizations administered the program. Brooke Community Development partners with these outstanding organizations to provide capital and resources to oversee the maintenance, repairs, and preparation of the homes as well as assist in matching the homes to Veteran home-buyers. The discount was in the form of a forgivable soft-second mortgage.
Non-profit organizations provided qualifying Veterans with a forgivable soft second mortgage at 0% interest rate and no payment as long as the Veteran is in compliance with the program. The soft second mortgage was completely forgiven over a 3-10 year period (term depends on property, non-profit organization, and amount being forgiven) with no payment. The primary compliance requirements was that the Veteran must remain current on their first mortgage (obtained independently of Homes With Honor) and must live in the home as their primary residence during the forgiveness period.
HAUCDC is constantly studying ways to help with programs such as Homes with Honor.