Congressman Al Green Hails Capital One and the Federal Home Loan Bank of Dallas for Investments in Affordable Housing

May 22, 2006 Issues: Financial Services

(Houston, TX)--Today, Congressman Al Green (TX-09) joined the Federal Home Loan Bank (FHLB) of Dallas and Capital One in the Sunnyside area of Houston, TX, for the announcement of eight grant awards totaling $2 million to assist low-income persons in their pursuit of homeownership throughout the Texas and Louisiana region.

Congressman Al Green stood proudly with FHLB and Capital One representatives because of his instrumental role in working with Capital One to secure some of these funds for Sunnyside, a city of Houston-designated Houston Hope community in the Ninth Congressional District targeted for revitalization through the development of affordable housing.

Congressman Al Green, a member of the House Financial Services Subcommittee on Housing, noted, "While the higher cost of gasoline and other living expenses make it more of a challenge to make ends meet, it is important that we not lose sight of helping our fellow-citizens achieve the American dream of owning a home."

Secured awards will fund a variety of notable, affordable housing projects including:  assistance for very low- to moderate-income first-time homebuyers with down payments and closing costs as well as assistance for low-to-moderate income senior citizens with rehabilitation and/or closing costs, including upgrades to meet the needs of disabled senior citizens.

According to the National Low-Income Housing Coalition, nearly 40 percent of Houstonians rent rather than own the properties in which they live.  In response to todays announcement, Green remarked,  "While these funds are not a last step, they are a good first step in a paradigm that can move more people toward homeownership."

Rep. Al Green with Captial One representatives