How can we help vulnerable AAPIs afford a home in Texas, by Sharon Bartlett.

How can we help vulnerable AAPIs afford a home in Texas?

By Sharon Bartlett

Here are some interesting facts about the Asian American and Pacific Islander in Texas that you might like to know.

• The population of the Asian American and Pacific Islanders in

Texas is almost 1.8 million people as of 2019. • The Texas counties with the largest share of the AAPI community are Harris, Dallas, Fort Bend, Collin and Tarrant.

Surprisingly, 27 counties in Texas have no Asian and Native

Hawaiian and Pacific Islander American population. • About 60.6 percent of the Asian Americans 25 years and older have a Bachelor’s degree as of 2019 compared to just 30.8 percent in the total Texas population. • As of 2018, there were about 51,051 Asian-owned employer businesses in Texas. These businesses had hired a total 444,554 employees and paid out more than $14.4 billion in payroll.

AFFORDABLE HOUSING PROGRAMS IN TEXAS

Affordable housing is a growing concern for many AAPIs in Texas. Studies confirm that housing costs continues to rise while on the other hand, incomes are growing at a slow pace. Research further shows that more than half of Texans are spending more than 30 percent of their household incomes on housing costs which means that the need for affordable housing is now more important than ever.

The problem is, current policies do not go far enough to fix the challenges that exist in the housing market today. For instance, the Texas housing market has just 39 units available per 100 Extremely Low Income (ELI) renters (according to the National Low Income Housing Coalition 2018 Gap Report). In this case, Extremely Low Income is defined as the households with incomes at or below the poverty guideline or 30 percent of AMI. It is important to highlight that the statistics here doesn’t include the Very Low Income and Low Income Households.

Down payment Assistance Programs in Texas The Texas State Affordable Housing Corporation (TSAHC), provides assistance to the first time homebuyers and repeat buyers to purchase a home. It is a non-profit organization that was created by the Texas Legislature to help Texans achieve their dream of homeownership. Let us help you buy your dream home.

For the buyers eligible for any of the TSAHC programs, the agency will provide a mortgage loan and funding to use for your down payment. You can choose to receive the down payment assistance as a grant (which does not have to be repaid) or a deferred forgivable second lien loan (which only has to be repaid if you sell or refinance within three years). If you’re eligible, you can essentially receive free money to help you buy a home.

If you feel you are ready, the first step is to take an Eligibility Quiz provided by the agency after which you will know whether you are eligible or not.

If you are eligible, the quiz will then direct you to contact a participating lender in your area. The lender will help you fill out the application. You will not submit anything directly to TSAHC.

You will also be required to complete an approved home buyer education course before closing on your home. We don’t require you to work with a specific REALTOR®, but you can use this search tool to find a REALTOR® familiar with our programs.