The Garland Housing Finance Corporation is duly incorporated under and pursuant to the Texas Housing Finance Corporations Act for the purpose of benefiting and accomplishing public purposes of, and on behalf of the City of Garland, Texas, by financing the cost of residential ownership and development that will provide decent, safe and sanitary housing for residents of Garland at the prices they can afford.
Such residential ownership and development will provide for and promote the public health, safety, morals and welfare; relieve conditions of unemployment and encourage the increase of industry and commercial activity and economic development so as to reduce the evils attendant upon unemployment; provide for efficient and well-planned urban growth and development including the elimination and prevention of potential urban blight and proper coordination of industrial facilities with public services, mass transportation and residential development; and assist persons of low and moderate income in acquiring and owning decent, safe and sanitary housing which they can afford.
Management Accomplishments
2006-2008
In June 2006, Garland Housing Finance Corporation (GHFC) participated in the opening of its first senior housing development, Primrose at Park Place, located Crist and Beltline Roads. The apartment complex provides 204 units of quality affordable housing to Garland residents 60 years of age and older. Within 18 months, Primrose at Park Place reached 98% occupancy. Since then, it has maintained essentially full occupancy.
GHFC has worked with Integrated Real Estate Corporation for another senior housing complex with 210 units on Castle Drive. The development has been approved by the City Council. Depending upon the credit market, the development should begin in 2009. The developer is working on an adjacent market rate complex to develop at a later date. This will bring a total of almost 450 senior living units, sponsored by GHFC, for this growing segment of Garland since 2006.
In 2006, GHFC purchased a lot at 3501 Edgewood Drive and Jupiter Roads, inside Council District 6, that retained only the original slab following a house fire. For numerous years, the condition of the lot created an eyesore to the neighborhood. Redevelopment of this lot provides a new single family home for a Garland family, improves the aesthetics of the area, and provides motivation for continued improvements to the neighborhood.
A second house was constructed with GHFC funds in 2008 on Cortez Drive, within Council District 5, extending redevelopment of an additional vacant lot adding to the revitalization of this neighborhood. A family of four now enjoys home ownership here. These infill homes are for hard to develop lots. GHFC does not compete with private builders for these lots. We seek to place homes slightly above the surrounding homes as a means to stabilize the neighborhood without the necessity of a profit. GHFC is now pursuing several lots that fit these criteria.
While GHFC is not participating directly in the First-Time Homebuyers Assistance Program now, during previous years, it has assisted 663 families in becoming homeowners in Garland.
2007
GHFC designed a pilot home improvement loan program, allocating $100,000 of corporate funds to launch the program. After reexamining this program, those funds were converted toward a Community Enhancement Program. The purpose of this program is to quickly respond to community needs that city departments are not equipped to handle. Depending on the financial status of the home owner, GHFC will:
1. Approve it as a loan expecting monthly payments with interest.
2. Approve it as a loan with a very flexible repayment plan.
3. Approve it as loan with possible conversion to a grant.
Several Garland residents have received funds to repair foundations, roofs, plumbing, structural damage, and many other property issues. It has been an opportunity to aid the overall community. It has been an opportunity to aid the overall community. It reverses the decline of properties that would otherwise negatively impact surrounding residences. To date, six homeowners have received the funds.
2004
The Board also established the GHFC Community Spirit Award in 2004. Homeowner Associations and organized neighborhood groups within subdivisions that are 25 years or older may receive the one thousand dollar award. The purpose of the award is to encourage continued efforts of the groups to enhance the quality of life within their communities. Since the award was designed, twelve awards have been presented.
Ongoing
GHFC has been active in the area of land banking for future development in certain critical areas. This effort takes considerable time of the Board. However, GHFC is equipped to respond to these situations and willingly accepts these assignments. However, GHFC is equipped to respond to these situations and willingly accepts these assignments. Results of this effort are usually years into the future.
GHFC has recently acquired the property known as Miller Garden Apartments. The structures have become a health and safety issue, but upon completion of the purchase, the buildings will be razed and eventually be the focus of redevelopment to enhance this area of Garland.
