Programs
Program 1 [2020]
Community Asset Building through financing and development expertise for initiatives that create homes, jobs or educational opportunities for low-income households. Since 2000 Covenant has facilitated the creation of over 500 jobs and 2,073 affordable homes. In 2019 Covenant launched an initiative with Rural LISC, United Way of Houston and USDA that in 2020 completed free home rehabilitation for 119 low-income rural homeowners in San Jacinto, Montgomery and Fort Bend Counties affected by Hurricane Harvey.GeographiesNot indicatedDatesJan 1, 2020 – Dec 31, 2020Source990No causes providedNo populations provided–$1.8MProgram 2 [2020]
Affordable Multifamily Rental Property In 2010 Covenant was approached by PNC Bank to do a workout as successor general partner on a distressed 128-unit apartment community in Baytown, Texas known as Townhomes of Bay Forest (Bay Forest). The community was built in 2002 for rental to very low-income individuals and families under a previous general partner utilizing affordable housing tax credits from the Texas Department of Housing and Community Affairs under Section 42 of the Internal Revenue Code of 1986, as amended. Covenant obtained a $5,660,000 0% Neighborhood Stabilization Program loan from TDHCA to retire the defaulted mortgage, make capital improvements, build a playground, and lower rents to levels affordable to families earning 50% of the area median income. In 2018, Covenant acquired PNCs limited partner interest in the community.GeographiesNot indicatedDatesJan 1, 2020 – Dec 31, 2020Source990No causes providedNo populations provided–$1.5MProgram 3 [2020]
Family Asset Building through financial education, coaching, savings matches and 0% loans that equip working families to thrive and secure generational resilience by acquiring affordable homes,accessing quality education, managing risk,and building savings for life. In 2020 735 families earning an average $24,000 received financial education, 867 families received financial coaching, and 56 families received a savings match to buy their first home and 1 received a savings match for college, of whom 51% were African American, 30% Latino, 11% Asian, 5% Anglo, and 4% Middle Eastern/North African.Of these families,25% earned less than 100% of poverty, 53% between 101%-200% of poverty, 20% between 201-300% of poverty,and 2% between 301%-400% of poverty.For those purchasing their first home,Covenant leveraged its saving matches by facilitating an additional $935,940 in down payment and closing costs assistance for these clients,paid at closing.GeographiesNot indicatedDatesJan 1, 2020 – Dec 31, 2020Source990No causes providedNo populations provided–$592.5K
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