Program areas at Covenant Community Capital Corporation
Affordable Family Townhome Rentals In 2010 PNC Bank approached Covenant to do a workout on a distressed 128-unit 2002 rental community in Baytown known as Townhomes of Bay Forest. Covenant obtained a $5,660,000 0% loan to retire the defaulted mortgage, make capital improvements, build a playground, and lower rents to be affordable to families earning 50% of the area median income. In 2018, Covenant acquired PNCs limited partner interest in the community. Covenant staff live onsite and provide after school, summer, and holiday family programming.
Community Asset Building through financing and development expertise to create home and job opportunities for low-income families. Since 2000 Covenant has facilitated the creation of 700+ jobs and 2,336 affordable homes, and restored 323 storm damaged homes. In 2023: we closed perm financing on our amenity-rich McKee City Living community for 120 working families in Downtown Houston, completed the 93 unit Sunrise Lofts for youth aging out of foster care in EADO, and conducted bungalow and townhome predevelopment for Buffalo Bayou Partnerships East Bayou Master Plan.
Family Asset Building through financial education, coaching, savings prizes,savings matches and 0% loans that equip aspirational working families to secure economic mobility and intergenerational resilience by acquiring affordable homes, accessing quality education, managing risk, and building savings for life.In 2023 837 families received financial education,611 savings coaching, 291 asset coaching, 245 saved an emergency fund of $500+, 52 received cash savings prizes, and 65 families earning an average of $29,670 at enrollment received a savings match to buy their first home. A 2024 study of Home Mortgage Disclosure Act data by the National Community Reinvestment Coalition noted There is a clear indication that Covenant clients are getting much better rates than similar borrowers that do not work with Covenant. This is seen throughout the entire set of data regardless of the borrowers DTI.